Jumbo Bag Ltd Auditor Reports

<dhhead>INDEPENDENT AUDITOR’S REPORT</dhhead>

TO THE MEMBERS OF JUMBO BAG LIMITED

Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying financial statements of Jumbo Bag Limited (“the

Company”), which comprise the Balance Sheet as at March 31, 2025, the Statement of

Profit and Loss (including Other Comprehensive Income), the Statement of Changes in

Equity and the Statement of Cash Flows for the year ended on that date, and a summary of the 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, equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing specified under section 143(10) of the Act (SAs). Our responsibilities under those

Standards are further described in the Auditor’s 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 Chartered Accountants of India (ICAI) together with the independence requirements that are relevant to our audit 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 ICAI’s Code of Ethics. We believe that the audit evidence we have obtained is sufficient appropriate to provide a basis for our audit opinion on the financial statements.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements were addressed in the context of our audit of the financial forming our opinion thereon, and we do not provide a separate opinion on these matters.

S.No Key Audit Matter	Auditor’s Response
1 Revenue Recognition – Sale of	Our audit procedures include:
goods	• Assessing the Company’s revenue
	recognition policy for compliance with Ind
Revenue from sale of goods is	AS .
recognized when the control of	• Testing the design and implementation,
goods is transferred to the cus-	and operating effectiveness of internal
tomers. In terms of the applica-	controls relating to revenue recognition.
tion of the revenue accounting	• Performing testing on selected statistical
standard Ind AS 115 (Revenue	samples of revenue transactions recorded
from Contracts with Custom-	throughout the year and at the year end
ers),for some contracts, control	and checking delivery documents.
is transferred either when the	• We carried out procedures involving
product is delivered to the cus-	enquiry, observation and inspection of
tomer’s premises or when the	evidence in respect of operation of these
product is shipped, depending on	controls.
the applicable terms. The Man-	• Testedtherelevantinformationtechnology,
agement has exercised judge-	general controls, automated controls, and
ment in applying the revenue	the related information used in recording
accounting policy while recognis-	and disclosing revenue.
ing revenue.	• Assessing and testing the adequacy of
	presentation and disclosures
2 Property, Plant and Equipment	We have performed verification of controls in
Management judgement is uti-	place over the fixed assets cycle, evaluated
lized for determining the carry-	the appropriateness of capitalization process,
ing value of property, plant and	performed tests to verify the capitalized costs,
equipment, intangible assets and	assessed the timelines of the capitalization of
their respective depreciation/	the assets and assessed the derecognition
amortization rates. These include	criteria for assets retired from active use.
the decision to capitalize or ex-	Useful life review of assets has been assessed
pense costs; the annual asset life	by the management. In performing these
review; the timelines of the capi-	procedures, we reviewed the judgements
talization of assets and the mea-	made by management including the nature
surement and recognition criteria	of underlying costs capitalized; determination
for assets retired from active use.	of realizable value of the assets retired from
The accounting policy has been	active use; the appropriateness of asset lives
detailed in Notes.	applied in the calculation of depreciation/
	amortization; and the useful lives of assets
	prescribed in Schedule II of the Companies
	Act, 2013.
3 Provisions and Contingent Li- Our audit procedure in response to includes,
abilities among others,
The Company is involved in cer- • Assessment of the process to identify
tain legal and tax disputes and legal and tax litigations, and pending
the assessment of the risks asso- administrative proceedings.
ciated with the litigations is based • Assessment of assumptions used in the
on Management assumptions, evaluation of potential legal and tax risks
which require the use of judge- performed by the legal and tax department
ment and such judgement relates of the Company considering the legal
primarily to the assessment of precedence and other rulings/judgement
the uncertainties connected to in similar cases.
the prediction of the outcome of • Review of the adequacy of the disclosures
the proceedings. in the notes to the financial statements.

Information Other than the Financial Statements and Auditor’s Report Thereon

The Company’s Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis, Board’s Report including Annexures to Board’s Report, Business Responsibility Report, Corporate Governance and Shareholder’s Information, but does not include the financial statements and our auditor’s report thereon.

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially knowledge obtained duringinconsistentwith the course of our audit or otherwise appears to be materially misstated. Therefore we have nothing to report in this regard.

Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible 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 financial position, financial performance, total comprehensive income, changes in equity and cash flows of the Company in accordance with 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 safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; 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 material misstatement, whether due to fraud or error.

In preparing the financial statements, management is

Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are responsible for overseeing the Company’s financial reporting process.

Auditor’s 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 auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• 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 expressing our opinion on whether the

Company has adequate internal financial controls system in place and the operating effectiveness of such controls.

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

• Conclude on the appropriateness of management’s 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 Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements that, in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable statements may be influenced. We consider quantitative materiality userofthe financial and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate theeffectof any identified misstatements in the financial statements

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.

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 accounts 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 relevant 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

(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 are disqualified as on March 31,2025 from being appointed as a director in terms of Section 164 (2) of the Act. f) With respect to the adequacy of the internal financial control over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure A”. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company’s internal financial controls over financial reporting. g) With respect to the other matters to be included in the Auditor’s Report in accordance with the requirements of section 197(16) of the Act, as amended, in our opinion and to the best of our information and according to the explanations 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. h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to the explanations given to us: i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements (Refer Note No.13 of the Audited Financial Statements) ii. The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses. iii. There has been no amounts, required to be transferred, to the Investor Education and Protection Fund by the Company. iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identifiedin any manner whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identifiedin any manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

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 representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement. v. The Company has not declared or paid any dividend during the year Hence we have no comments on the compliance with section 123 of the Companies Act, 2013. vi. The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is applicable from 1 April 2023. Based on our examination, which included test checks, the Company has used accounting software for maintaining its books of account for the financial year ended March 31,2025 which have a feature of recording audit trail(edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software. Further, during the course of our audit we did not come across any instance of the audit trail feature being tampered with and the audit trail has been preserved by the company as per the statutory requirements for record retention.

2. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”) issued by the Central Government 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.

For DPV & Associates

Chartered Accountants

FRN.011688S

S/D

CA Vairamutthu K

Partner

M.No : 218791

Date: 10th May 2025

Place: Chennai

ICAI UDIN:

ANNEXURE “A” TO THE INDEPENDENT AUDITOR’S REPORT

(Referred to in paragraph 1(f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report to the Members of JUMBO BAG LIMITED of even date)

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

We have audited the internal financial controls over financial reporting of JUMBO BAG 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.

Management’s 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 considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were orderly and efficient conduct of its business, including operating adherence to respective company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the

Companie s Act, 2013.

Auditor’s 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 Internal Financial Controls Over Financial Reporting (the “Guidance Note”) issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the

Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained, is sufficient and appropriate provide a basis for our audit opinion on the internal financial controls system over financial reporting of the Company.

Meaning of Internal Financial Controls Over Financial Reporting

A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal financialcontrol over financial includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, 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 financialcontrolsoverfinancialreporting were operatingeffectively 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 Financial Reporting issued by the Institute of Chartered Accountants of India.

For DPV & Associates

Chartered Accountants

FRN.011688S

S/D

CA Vairamutthu K

Partner

M.No : 218791

Date: 10th May 2025

Place: Chennai

ICAI UDIN: 25218791BMILOF4659

ANNEXURE ‘B’ TO THE INDEPENDENT AUDITOR’S REPORT

(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements’ section of our report to the Members of JUMBO BAG LIMITED of even date) i. In respect of the Company’s Property, Plant and Equipment and Intangible Assets: (a) A) The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, plant and equipment.

B) The Company has maintained proper records showing full particulars of Intangible asset.

(b) The Company has a regular programme of physical verification of its fixed assets by which fixed assets are verified every year. The periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets. In accordance with the programme, physical verification of fixed assets was carried out during the year.

(c) According to the information and explanations given to us, the records examined by us and based on the examination of the conveyance deeds / registered sale deed provided to us, we report that, the title deeds, comprising all the immovable properties of land and buildings which are freehold, are held in the name of the Company as at the balance sheet date. (d) The Company has not revalued any of its Property, Plant and Equipment (including right-of-use assets) and intangible assets during the year.

(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) According to the information and explanations given to us the inventories by the Management during the year. The cover have been physically verified age, procedure and frequency of verification is reasonable. The discrepancies dentified on physical verification of inventories between physical stocks and book records were not material and have been properly dealt with.

B) The Company has been sanctioned with working capital limits at any points of time during the year in excess of five crore rupees, from banks or financial institutions on the basis of security of current assets. The quarterly returns or statements has been filed by the company with such are in agreement with the books of account of the Company. iii. According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not made investments in, provided any guarantee or security or granted any loans or ad vances in the nature of loans, secured or unsecured, to companies, firms, Lim ited Liability Partnerships or any other Parties. Accordingly, the requirements of clause 3(iii) are not applicable. iv. According to the information and explanations given to us the Company has complied to the extent applicable with the provisions specified under Section 185 and 186 of the Companies Act, 2013. v. The Company has not accepted deposits during the year and does not have any unclaimed deposit as at March 31, 2025 and therefore, the provisions of the clause 3 (v) of the Order are not applicable to the Company. vi. According to the information and explanations given to you, the Central Government has not prescribed the maintenance of cost records under Section 148(1) of the Companies Act, 2013 for the products manufactured by the Company (and/ or services provided by it). Accordingly, clause 3(vi) of the Order is not applicable. vii. a. According to the information and explanations given to us amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including Provident Fund, Income tax dues, Goods and Service tax and other material statutory dues have generally been regularly deposited during the year by the Company with the appropriate authorities except for the Income

 Tax due of Rs. 60.40 Lakhs relating to financial year 2006-07 for a period more than 6 months. b. According to the information and explanations given to us, there are no dues of Goods and Service tax and other material statutory dues which have not been deposited with the appropriate authorities on account of any dispute except as mentioned below :

Name of the statute	Nature of dues	Amount (Rs. in Lakhs)	Period to which the amount re- lates (FY)	Forum where dis- pute is pending
CGST Act, 2017	Tax, Interest	71.37	2017-2018	Before the Appellate
	and Penalty			Deputy Commissioner
			margin-bottom:3.0pt;margin-left:0cm;text-align:right;mso-pagination:none; mso-layout-grid-align:none;text-autospace:none>	(St)-Gst, Chennai - I
CGST Act, 2017	Tax, Interest	40.76	2018-2019	Before the Appellate
	and Penalty			Deputy Commissioner
				(St)-Gst, Chennai - I
CGST Act, 2017	Tax, Interest	29.29	2019-2020	Before the Appellate
	and Penalty			Deputy Commissioner
				(St)-Gst, Chennai - I
CGST Act, 2017	Penalty	1.57	2024-2025	Before the Appellate
				Deputy Commissioner
				(St)-Gst, Thirunelve-
				li - I
Income Tax Act,	Tax & Interest	0.12	2000-2001	Giving effect order
1961				needs to be passed
				by AO
Income Tax Act,	Tax & Interest	1.57	2001-2002	Giving effect order
1961				needs to be passed
				by AO
Income Tax Act,	Tax & Interest	1.83	2002-2003	Giving effect order
1961				needs to be passed
				by AO
Income Tax Act,	Tax & Interest	4.06	2004-2005	Giving effect order
1961				needs to be passed
				by AO
Income Tax Act,	Tax & Interest	5.16	2005-2006	Received favourable
1961				order now it is under
				AO for verification and
				giving effect order.
Income Tax Act,	Tax & Interest	60.40	2006-2007	Received the favour-
1961				able order. Now it is
				under AO for verifica -
				tion and giving effect
				to the order
Income Tax Act,	Tax & Interest	47.72	2008-2009	Appeal Filed against
1961				the order of the As-
				sessing Officer
Income Tax Act,	Tax & Interest	117.12	2010-2011	Tribunal moved the
1961				case to AO for Re-ver-
				ification of the Docu -
				ments and withdrawal
				of the original de-
				mand
Income Tax Act,	Tax & Interest	1.79	2021-2022	Appeal made with CIT
1961				against the order of
				Assessing Officer
Income Tax Act,	Tax & Interest	17.80	2023-2024	Reply given Giving
1961				effect order needs to
				be passed by AO

viii. The Company has not surrendered or disclosed any transactions, previously unrecorded as income in the books of account, in the tax assessments under the Income-tax Act, 1961 as income during the year. ix. (a) The company has not defaulted in repayment of loans or borrowings to a financial institution, bank, government or any government authority.

 (b) The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority. (c) On examination of the books of accounts of the Company, the term loans have been used for the objects for which they were obtained.

 (d) On an overall examination of the financial statements of the Company, no funds raised on short-term basis have, prima facie, 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 subsidiaries as defined under the Companies Act, 2013. Accordingly, clause 3(ix)(e) of the Order is not applicable.

 (f) According to the information and explanations given to us we confirm that the Company has not raised loans during the year on the pledge of securities held in its subsidiaries as defined under the Companies Act, 2013. Accordingly, clause 3(ix)(f) of the Order is not applicable. x. (a) The Company has not raised any moneys by way of initial public offer or further public offer (including debt instruments) during the year. Accordingly, clause 3(x)(a) of the Order is not applicable.

 (b) During the year, the Company has not made any preferential allotment or private placement of shares or convertible debentures (fully or partly or option ally) and hence reporting under clause 3(x)(b) of the Order is not applicable. xi. (a) To the best of our knowledge and according to the information and explanations given to us, 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) The Company has not received any whistle blower complaints during the year. xii. The Company is not a Nidhi Company. Accordingly, clause 3(xii) of the Order is not applicable. of the Order is not applicable. xiii. According to the information and explanations given to us, the Company is in compliance with Section 177 and 188 of the Companies Act, 2013 where ap plicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the financial statements as required by the applicable accounting standards. xiv. (a) In our opinion the Company has an adequate internal audit system com mensurate with the size and the nature of its business. (b) We have considered the internal audit reports for the year under audit, is sued to the Company during the year and till date, in determining the nature, timing and extent of our audit procedures. xv. According to the information and explanations given to us, the Company has not entered into any non-cash transactions with its directors or persons con nected to its directors and hence, provisions of Section 192 of the Companies Act, 2013 are not applicable to the Company. xvi. (a) In our opinion, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Hence, reporting under clause 3(xvi)(a) of the Order is not applicable.

 (b) The company has not conducted any Non-Banking Financial or Housing Finance activities and hence clause 3(xvi)(b) is not applicable.

 (c) The Company is not a Core Investment Company (CIC) as defined in the regula tions made by the Reserve Bank of India. Accordingly, clause 3(xvi)(c) of the Order is not applicable.

 (d) In our opinion, there is no core investment company within the Group (as defined in the Core Investment Companies (Reserve Bank) Directions, 2016) and accordingly reporting under clause 3(xvi)(d) of the Order is not applicable. xvii. The Company has not incurred cash losses during the financial year covered by our audit and the preceding financial year. xviii. There has been resignation of the statutory auditors during the year, and we have taken into consideration the issues, objections or concerns raised by the out going auditor; xix. On the basis of the financial ratios, ageing and expected realization of financial assets, payment schedules of financial liabilities, other information accompanying the financialstatements, and our knowledge of the Board of Directors and man agement 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 indicating that the Company is not capable of meeting its liabilities existing at the balance sheet date 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. Our reporting is based on the facts and assumptions made available to us up to the date of the audit report, and we do not provide any guarantee or as surance that all liabilities falling due within a period of one year from the balance sheet date will be discharged by the Company as and when they fall due. xx. Provisions of Section 135 Corporate Social Responsibility (CSR) do not apply to the company. Accordingly, reporting under clause 3(xx)(a) and (b) of the Order is not applicable for the year. xxi. The company is not required to prepare a Consolidated Financial Statement for the reporting year. Accordingly, clause 3(xxi) of the Order is not applicable.

For DPV & Associates

Chartered Accountants

FRN.011688S

S/D

CA Vairamutthu K

Partner

M.No : 218791