IP Rings Ltd Auditor Reports

TO THE MEMBERS OF IP RINGS LIMITED

Report on the Audit of the Standalone Financial Statements

We have audited the accompanying Standalone Financial Statements of IP RINGS LIMITED ("the Company"), which Opinion Other Comprehensive Income), Standalone Statement of Changes in Equity and Standalone Statement of Cash flows comprise the Standalone Balance Sheet as at March 31, 2025, the Standalone Statement of Profit and Loss (including for the year then ended, and a summary of the material accounting policies and other explanatory information. Standalone Financial Statements give the information required by the Companies Act 2013 (‘the Act") in the manner In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015, as amended (‘IND AS") so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under 2025, the loss and total comprehensive income, changes in equity and its cash flows for the year ended on that date. and other Accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing Basis for Opinion further described in the Auditors Responsibilities for the Audit of the Standalone Financial Statements section of (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of our other ethical responsibilities in accordance with these requirements and the ICAIs Code of Ethics. We believe standalone financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled standalone financial statements. that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of Key Audit Matters of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a the standalone financial statements of the current period. These matters were addressed in the context of our audit be communicated in our report. separate opinion on these matters. We have determined the matters described below to be the key audit matters to

Revenue Recognition Reference may be made to Note 57B(10) of material accounting policies and Note 22 and 29 to the standalone financial statements of the Company.	Principal Audit Procedures Our audit procedures relating to revenue comprised of test of controls and substantive procedures including the following:
Revenue recognition is inherently an area of audit risk, which we have focused on mainly covering the aspects of cut off.	i. We performed procedures to assess the design and internal controls established by the management and tested the operating effectiveness of relevant controls related to the recognition of revenue.
Considering the above, impact of Ind AS 115 and cut-off are considered by us as key audit matters.	ii. Selected a sample of continuing and new contracts, and tested the operating effectiveness of the internal control, relating to identification of the distinct performance obligations and determination of transaction price. We carried out a combination of procedures involving enquiry and observation, reperformance and inspection of evidence in respect of operation of these controls.
	iii. We have tested, on a sample basis, whether specific revenue transactions around the reporting date has been recognised in the appropriate period by comparing the transactions selected with relevant underlying documentation, including goods delivery notes, customer acknowledgement/proof of acceptance and the terms of sales.
	iv. We have also validated subsequent credit notes and sales returns up to the date of this Report to ensure the appropriateness and accuracy of the revenue recognition.
	v. We tested journal entries on a sample basis to identify any unusual or irregular items.
	vi. We also considered the adequacy of the disclosures in Companys financial statements in relation to Ind AS 115 and were satisfied they meet the disclosure requirements.
	Conclusion
	Based on the procedures performed above, we did not find any material exceptions with regards to timing of revenue recognition and disclosure requirement of Ind AS 115 in the financial statements.
Impairment in Trade Receivables	Principal Audit Procedures
Reference may be made to Note 5 to the standalone financial statements of the Company.	We have performed the following procedures in relation to the recoverability of trade receivables and computing allowance for credit losses:
The Company is exposed to potential risk of financial loss when there is the risk of default on receivables from the customers for which the Management would make specific provision against individual balances with reference to the recoverable amount. Such provision/ allowance for credit losses is based on historical experience adjusted to reflect current and estimated future economic conditions.	• Tested the effectiveness of the control over the methodology for computing the allowance for credit losses, including consideration of the economic conditions and completeness and accuracy of information used in the estimation of probability of default. Tested the accuracy of aging of trade receivables at year end on a sample basis.
For the purpose of impairment assessment, significant judgements and assumptions, including the credit risks of customers, the timing and amount of realization of these receivables, are required for the identification of impairment events and the determination of the impairment charge.	• Obtained a list of outstanding receivables and identified any debtors with financial difficulty through discussion with management.
In view of the above, we identified allowance for credit losses as a key audit matter since significant judgement is exercised in calculating the expected credit losses/ impairment charge.	• Assessed the recoverability of the unsettled receivables on a sample basis through our evaluation of managements assessment with reference to the credit profile of the customers, historical payment pattern of customers, publicly available information and latest correspondence with customers and to consider if any additional provision should be made;
	• Tested subsequent settlement of trade receivables after the balance sheet date on a sample basis.
	Conclusion
	Based on the above procedures we found the key judgements and assumptions used by management in the recoverability assessment of trade receivables to be supportable based on the available evidence and consequently are satisfied on the sufficiency of provisions/allowance for credit losses.
Allowance for inventory obsolescence	Our audit procedures in respect of this matter included:
Refer to Note 4 of the standalone financial statements.
The Company holds significant inventories and records allowance for identified and estimated inventory obsolescence.	Understood management policy and process for identification of providing of obsolete inventory, including performing testing of controls to assess the effectiveness of the same. Reviewed the managements judgement applied in calculating the value of inventory obsolescence, taking into consideration the expected changes in auto industry and management assessment of the present and future condition of the inventory. Assessed the adequacy of the relevant disclosure in the notes to the financial statements
As at 31st March 2025, the Company had inventories of Rs. 5,343.07 lakhs.	Conclusion
The Company provides for obsolescence of Inventory considering the inventory on hand, existing/probable customer orders, the production plan, expected utilisation in production and expected sales. Further the estimates are validated by technological changes/ legislative changes in the auto business and trends of the obsolescence in the past. The obsolescence covers inventory under Raw material, work-in-progress, and finished goods. Given the significant judgment involved in managements assessment, the allowance for inventory obsolescence is identified as a key audit matter	Based on the above procedures performed, we consider the provision for inventory obsolescence to be reasonable.

The Companys Board of Directors is responsible for the preparation of other information in their Report to Information Other than the Financial Statements and Auditors Report Thereon the consolidated financial statements, standalone financial statements and our auditors report thereon. The annual members, etc. The other information comprises the information included in the Annual report but does not include report is expected to be made available to us after the date of this auditors report. form of assurance conclusion thereon.Our opinion on the standalone financial statements does not cover the other information and we do not express any inconsistent with the standalone financial statements or our knowledge obtained in the audit or otherwise appears identified above when it becomes available and, in doing so, consider whether the other information is materially therein, we are required to communicate the matter to those charged with governance and take appropriate action to be materially misstated. When we read the annual report, if we conclude that there is a material misstatement as applicable under the relevant laws and regulations.

Managements The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, Responsibility for the Standalone Financial Statements. view of the financial position, financial performance, total comprehensive income, changes in equity and cash 2013 ("the Act") with respect to the preparation of these standalone financial statements that give a true and fair This responsibility also includes maintenance of adequate accounting records in accordance with the provisions flows of the Company in accordance with the IND AS and other accounting principles generally accepted in India. irregularities; selection and application of appropriate accounting policies; making judgments and estimates that of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, from material misstatement, whether due to fraud or error. the preparation and presentation of the standalone financial statements that give a true and fair view and are free continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern In preparing the standalone financial statements, management is responsible for assessing the Companys ability to realistic alternative but to do so. basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no The Board of Directors are also responsible for overseeing the Companys financial reporting process. Auditors Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole Responsibilities for the Audit of the Standalone Financial Statements our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes or error and are considered material if, individually or in the aggregate, they could reasonably be expected to accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud influence the economic decisions of users taken on the basis of these standalone financial statements. throughout the audit. We also: As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is Identify and assess the risks of material misstatement of the standalone financial statements, whether due to resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement intentional omissions, misrepresentations, or the override of internal control. appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible Ob tain an understanding of internal control relevant to the audit in order to design audit procedures that are and the operating effectiveness of such controls.for expressing our opinion on whether the company has adequate internal financial controls system in place related disclosures made by management.

the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may Co nclude on the appropriateness of managements use of the going concern basis of accounting and, based on uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the cast significant doubt on the Companys ability to continue as a going concern. If we conclude that a material are based on the audit evidence obtained up to the date of our auditors report. However, future events or standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions conditions may cause the Company to cease to continue as a going concern. disclosures, and whether the standalone financial statements represent the underlying transactions and events E valuate the overall presentation, structure and content of the standalone financial statements, including the in a manner that achieves fair presentation. aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning misstatements in the standalone financial statements. timing of the audit and significant audit findings, including any significant deficiencies in internal control that we We communicate with those charged with governance regarding, among other matters, the planned scope and identify during our audit. requirements regarding independence, and to communicate with them all relationships and other matters that may We also provide those charged with governance with a statement that we have complied with relevant ethical reasonably be thought to bear on our independence, and where applicable, related safeguards. most significance in the audit of the standalone financial statements of the current period and are therefore the From the matters communicated with those charged with governance, we determine those matters that were of disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not key audit matters. We describe these matters in our auditors report unless law or regulation precludes public outweigh the public interest benefits of such communication. be communicated in our report because the adverse consequences of doing so would reasonably be expected to Report 1. As ron Other equired by Section143 (3) of the Companies Act, 2013, based on our audit we report that: Legal and Regulatory Requirements a. belief were necessary for the purposes of our audit. We have sought and obtained all the information and explanations which to the best of our knowledge and b. appears from our examination of those books, except for the matters stated in paragraph 1(i)(vi) below In our opinion, proper books of account as required by law have been kept by the Company so far as it on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014. c. income, the Standalone Statement of Cash Flows and the Standalone Statement of Changes in Equity dealt The Standalone Balance Sheet, the Standalone Statement of Profit and Loss including other Comprehensive with by this report are in agreement with the books of account. d. prescribed under Section 133 of the Act read with the relevant rules issued thereunder. In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards appointed as a director in terms of Section164(2) of the Companies Act, 2013. record by the Board of Directors, none of the directors is disqualified as on March 31,2025 from being f. stated in the paragraph 1(b) above on reporting under Section 143(3)(b) of the Act and paragraph 1(i)(vi) The modifications relating to the maintenance of accounts and other matters connected therewith are as below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014. g. of the Company and the operating effectiveness of such controls, refer to our separate report in Annexure With respect to the adequacy of the Internal Financial Controls with reference to the financial statements companys internal financial controls with reference to the financial statements. "A". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the h. requirements of Section 197(16) of the Act, as amended in our opinion and to the best of our information With respect to the other matters to be included in the Auditors Report in accordance with the the year is in compliance with the provisions of Section 197, read with Schedule V of the Act. and according to the explanations given to us, remuneration paid by the company to its directors during i. of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 information and according to the explanation given to us: i. Financial Statements. (Refer Note 30) The Company has disclosed the impact of pending litigations on its financial position in its Standalone ii. were any material foreseeable losses as at March 31,2025. The company did not have any long-term contracts including derivative contracts for which there iii. Protection Fund by the Company. There were no amount which were required to be transferred to the Investor Education and i ^{(a) The Management has represented that, to the best of its knowledge and belief, as disclosed in} the Note 49 to the accounts, no funds have been advanced or loaned or invested (either from v. or in any other persons or entities, including foreign entities ("Intermediaries"), with the borrowed funds or share premium or any other sources or kind of funds) by the Company to or indirectly lend or invest in other persons or entities identified in any manner whatsoever by understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly like on behalf of the Ultimate Beneficiaries. or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the ^{(b) The Management has represented, that, to the best of its knowledge and belief, as disclosed in} the Note 49 to the accounts, no funds have been received by the Company from any persons recorded in writing or otherwise, that the Company shall, directly or indirectly, lend or invest or entities, including foreign entities ("Funding Parties"), with the understanding, whether Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Ultimate Beneficiaries.

^{(c) Based on the audit procedures that have been considered reasonable and appropriate in} the circumstances, nothing has come to our notice that has caused us to believe that the contain any material mis-statement.representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, vi. Company has used accounting software for maintaining its books of account, which have a feature of Based on our examination which included test checks, except for the instance mentioned below, the transactions recorded in the software: recording audit trail (edit log) facility and the same has operated throughout the year for all relevant ^{- The feature of recording audit trail (edit log) facility was enabled at the database level to log any} direct data changes to the accounting software only from May2024. year for the respective accounting software, we did not come across any instance of the audit trail Further, for the periods where audit trail (edit log) facility was enabled and operated throughout the enabled at the database level in the previous year, the audit trail has been preserved by the Company feature being tampered with and Additionally, except where the audit trail (edit log) facility was not as per the statutory requirements for record retention.

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

ForChartered Accountants M.S.Krishnaswami & Rajan Registration No. 01554S

M.S. Partner Murali

UDIN: 25026453BMFXXI5549 Membership No. 26453 Chennai May 29,2025

ANNEXURE "A" TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 1(g) under ‘Report on Other Legal and Regulatory Requirements section of our report of even date to the members of IP RINGS LIMITED)

Report on the Internal Financial Controls with reference to the financial statements under Clause

(i) of We have audited the Internal Financial Controls with reference to financial statements of IP RINGS LIMITED ("the Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act") Company for the year ended on that date. Company") as of March 31, 2025 in conjunction with our audit of the Standalone Financial Statements of the Managements The Companys management is responsible for establishing and maintaining internal financial controls based on Responsibility for Internal Financial Controls essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls with the internal controls with reference to the financial statements criteria established by the Company considering the These responsibilities include the design, implementation and maintenance of adequate internal financial controls reference to the financial statements (‘the Guidance Note) issued by the Institute of Chartered Accountants of India. companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to under the Companies Act, 2013 (‘Act). and completeness of the accounting records, and the timely preparation of reliable financial information, as required Auditors Our responsibility is to express an opinion on the Companys internal financial controls with reference to financial Responsibility of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies statements based on our audit. We conducted our audit in accordance with the Guidance Note issued by the Institute require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note maintained and if such controls operated effectively in all material respects. about whether adequate internal financial controls with reference to financial statements was established and controls system with reference to financial statements and their operating effectiveness. Our audit of internal Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to financial statements, assessing the risk that a material weakness exists, and testing and financial controls with reference to financial statements included obtaining an understanding of internal financial selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures Financial Statements, whether due to fraud or error. opinion on the Companys internal financial controls system with reference to financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit

Meaning A companys internal financial controls with reference to financial statements is a process designed to provide of Internal Financial Controls with reference to Financial Statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial reasonable assurance regarding the reliability of financial reporting and the preparation of Financial Statements maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and disposition controls with reference to financial statements includes those policies and procedures that (i) pertain to the permit preparation of Financial Statements in accordance with generally accepted accounting principles, and that of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection receipts and expenditures of the company are being made only in accordance with authorizations of management Financial Statements of unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on the Because of the inherent limitations of internal financial controls with reference to financial statements, including Inherent Limitations of Internal Financial Controls with reference to the financial statements or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with the possibility of collusion or improper management override of controls, material misstatements due to error reference to financial statements may become inadequate because of changes in conditions, or that the degree of reference to financial statements to future periods are subject to the risk that the internal financial controls with compliance with the policies or procedures may deteriorate.

In our opinion, to the best of our information and according to the explanations given to us, the Company has, Opinion such internal financial controls with reference to financial statements were operating effectively as at March 31, in all material respects, an adequate internal financial controls system with reference to financial statements and considering the essential components of internal controls stated in the Guidance Note issued by the Institute of 2025, based on the internal controls with reference to the financial statements criteria established by the Company Chartered Accountants of India.

Chartered Accountants For M.S.Krishnaswami & Rajan Registration No. 01554S

M.S. Partner Murali

UDIN: 25026453BMFXXI5549 Membership No. 26453 Chennai May 29,2025

ANNEXURE B TO THE 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 IP RINGS LIMITED ("the Company") for the year ended March 31, 2025). i. Ina) (i) The company has maintained proper records showing full particulars, including quantitative details respect of the Companys Property, Plant and Equipment: and situation of Property, Plant and Equipment and relevant details of right-of-use assets. (ii) The company has maintained proper records showing full particulars of intangible assets. b) The Company has a programme of verification to cover all the items of Property, Plant and Equipment and right of use assets in a phased manner covering all assets once every 3 years which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the programme, certain Property, Plant and Equipment were physically verified by the management during the year. According to the information and explanation given to us, no material discrepancies were noticed during the year on such verification. c) A ccording to the information and explanations given to us and the records examined by us we report that title deeds of all freehold immovable property belonging to the Company are held in the name of the Company as at the end of the year. In respect of properties where the company is the lessee including building constructed on leasehold land, the lease agreement is in the name of the Company. d) The company has chosen cost model for its property, plant and equipment (including right-of-use asset) and intangible assets. Consequently, the question of our commenting on whether the revaluation is based on the valuation by a registered valuer, or specifying the amount of change, if the change is 10% or more in the aggregate of the net carrying value of each class of property, plant and equipment (including right-of-use asset) or intangible assets does not arise. 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 in 2016) and rules made thereunder. ii. (a) As explained to us, inventories, other than the Goods in transit, have been physically verified at periodic intervals by the management. The coverage and procedure of such verification by the management were, in our opinion, appropriate. Discrepancies (of 10% or more in value, in the aggregate for each class of inventory) were noticed on such physical verification and the said discrepancies has been properly accounted in the books of accounts. (b) The company has been sanctioned working capital limits in excess of five crore rupees, in aggregate, during the year by banks or financial institutions on the basis of security of current assets during the year and the quarterly returns or statements, filed by the company with such banks or financial institutions. The said quarterly returns or statements have subsequent to the end of the year been revised and such revised quarterly returns or statements are materially in agreement with the books of accounts of the Company.

or advances in the nature of loans, secured or unsecured to companies, firms, Limited Liability Partnerships or any other parties. Accordingly, a. The Company has not provided any loan, guarantee or security to any other entity during the year. Hence, reporting under clause (iii)(a) is not applicable. b. The investments made during the year are, in our opinion, prima facie, not prejudicial to the Companys interest. c. The Company has not provided any loan, guarantee or security to any other entity during the year. Hence, reporting on the stipulation of repayment of principal and interest and the regularity thereof under clause (iii)(c) is not applicable. d. The Company has not provided any loan, guarantee or security to any other entity. Hence, reporting on the amount overdue and steps taken for recovery of principal and interest under clause (iii)(d) is not applicable. e. The Company has not provided any loan, guarantee or security to any other entity. Hence, reporting under clause (iii)(e) is not applicable. f. A ccording to information and explanations given to us and based on the audit procedures performed,

Company has not granted any loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment during the year. Hence, reporting under clause (iii) (f) is not applicable. iv. Th e Company has not granted any loans provided guarantee or security and hence provisions of Section 185 is not applicable. The Company has not granted any loans provided guarantee or security but made investments which is within the limits of section 186 of the Companies Act, 2013. v. A ccording to information and explanations given to us, the Company has not accepted any deposits or amounts which are deemed to be deposits during the year and there are no unclaimed deposits as at March 31,2025 to which the provisions of section 73 to 76 or any other relevant provisions of the Companies Act are applicable. Accordingly, the provisions of clause (v) of paragraph 3 of the Order are not applicable to the Company. vi. As per the information and explanation given to us, the maintenance of the cost records has been specified by the Central Government under Section 148(1) of the Act. We have broadly reviewed the cost records maintained by the company pursuant to the Companies (Cost Records and Audit) Rules, 2014 as amended and prescribed by the Central Government under Section 148(1) of the Act and we are of opinion that prima facie, the prescribed accounts and records have been made and maintained. We have however not made a detailed examination of Cost records with a view to determine whether they are accurate and complete. vii. A ccording to the information and explanations given to us and the books of account examined by us, in respect of statutory dues:

Goods and Services Tax, Provident Fund, Employees State Insurance, Income-tax, Sales-tax, Service tax, Goods and Service tax, duty of customs, duty of excise, value added tax, Cess, and other material statutory dues as applicable to the appropriate authorities during the year. There were no material undisputed amounts payable in respect of the aforesaid statutory dues outstanding as at March 31, 2025, for a period of more than six months from the date they became payable. In respect of Income Tax (Tax Deducted at Source), the company has been regular in depositing the undisputed dues with the appropriate authorities except for the sum of Rs 7.62 lakhs due for more than six months from the date it became payable.

b) there are no statutory dues referred to in above sub-clause, which have not been deposited on account of any dispute with the relevant authorities, except dues of Income tax, Provident fund dues and Value added tax that have not been deposited on account of disputes as detailed hereunder:

Name of the Statute	Nature of Dues	Amount (In Rs. Lakhs) of Disputed dues	Period to which the amount relates	Forum where dispute is pending
Income Tax Act, 1961	Interest on Income tax	21.10	AY 2018-19	CIT (Appeals)
and Miscellaneous Provisions Employees Provident Funds Act,1952	Interest/ Damages	22.44	FY 2014-15	Provident Fund Employees Nadu. Tribunal, Tamil
The Tamil Nadu Value Added Tax Act, 2006	Value Added Tax	1.30	FY 2007-08	Commissioner Appellate Deputy

given effect to by the Income Tax Department. viii. As per the information and explanation given to us, there were no transactions previously not recorded in the books of account that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

ix. (a) In our opinion and according to information and explanation given to us, the Company has not defaulted in repayment of dues to any lender. The Company does not have any borrowings from Government or by way of Debentures.

(b) As per the information and explanation given to us, the company has not been declared wilful defaulter by any bank or financial institution or other lender.

(c) As per the information and explanation given to us, the monies raised by way of term loans have been applied for the purposes for which they were obtained.

(d) On an overall examination of the financial statements of the Company, funds raised on short- term basis have, prima facie, not been used during the year for long-term purposes by the Company. (e) On an overall examination of the financial statements of the Company, the Company has not taken any funds from any entity or person on account of or to meet the obligations of its joint venture and its subsidiary. The Company does not have any associates.

joint venture companies. x.

(a) As per the information and explanation given to us, the Company has not raised any monies by way of initial public offer or further public offer (including debt instruments) during the year and hence reporting under the provisions of Clause 3(x)(a) of the Order does not arise.

(b) During the year, the Company has not made any preferential allotment or private placement of shares (covered by section 42 and section 62 (1)c of the Companies Act, 2013) or fully or partly convertible debentures and hence reporting under clause 3(x)(b) of the Order is not applicable. xi. (a) No fraud by the company and no material fraud on the company has been noticed or reported during the year.

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

(c) As per the information and explanation given to us, there are no whistle-blower complaints received during the year by the company up to the date of this report. xii. Th e Company is not a Nidhi Company and accordingly the provisions of Clause 3(xii) of the Order is not applicable to the Company. xiii. In our opinion and according to the information and explanations given to us all transactions with related parties are in compliance with sections 177 and 188 of the Companies Act, 2013, where applicable. The details of the transactions during the year have been disclosed in the Standalone Financial Statements as required by the applicable Accounting Standards. (Refer note 47 to Standalone Financial Statements). xiv. (a) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business.

(b) We have considered the internal audit reports for the year under audit, issued to the Company during the year, in determining the nature, timing and extent of our audit procedures. xv. In our opinion, the Company has not entered into any non-cash transactions during the year, with its Directors or persons connected with its directors. and hence provisions of section 192 of the Companies Act, 2013 are not applicable to the Company. xvi. (a) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, the reporting under clause 3(xvi)(a) of the Order is not applicable to the Company.

(b) The Company has not conducted non-banking financial / housing finance activities during the year. Accordingly, the reporting under clause 3(xvi)(b) of the Order is not applicable to the Company. (c) The Company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India. Accordingly, the reporting under clause3(xvi)(c) of the Order is not applicable to the Company.

not have any CICs, which are part of the Group. We have not, however, separately evaluated whether the information provided by the management is accurate and complete. Accordingly, the reporting under clause 3(xvi)(d) of the Order is not applicable to the Company. xvii. Th e company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year. xviii. Th ere has been no resignation of the statutory auditors of the Company during the year. Accordingly, the provisions of Clause 3(xviii) of the Order are not applicable to the Company. xix. A ccording to the information and explanations given to us and on the basis of (i) the financial ratios, (ii) ageing and expected dates of realization of financial assets and payment of financial liabilities, (iii) other information accompanying the financial statements, (iv) our knowledge of the Board of Directors and management plans and (v) 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 the company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the company as and when they fall due. xx. Th ere are no unspent amounts towards Corporate Social Responsibility (CSR). Accordingly, reporting under clause 3(xx)(a) and (b) of the Order is not applicable for the year. xxi. Th e reporting under Clause 3(xxi) of the Order is not applicable in respect of audit of Standalone Ind AS

Financial Statements. Accordingly, no comment in respect of the said clause has been included in this report. Chartered Accountants

For M.S.Krishnaswami & Rajan

Registration No. 01554S

M.S. Partner Murali

UDIN: 25026453BMFXXI5549

Membership No. 26453

Chennai May 29, 2025