Kalyani Forge Ltd Auditor Reports

To the Members of Kalyani Forge Limited

Report on the Audit of the Financial Statements

Disclaimer of Opinion

We were engaged to audit the accompanying financial statements of Kalyani Forge Limited ("the Company"), which comprise the Balance sheet as at March 31, 2024, the Statement of Profit and Loss (including Other Comprehen -sive Income), Statement of Changes in Equity, the Statement of Cash Flows for the year then ended and Notes to the Financial Statements, including a summary of material accounting policies and other explanatory information (hereinafter referred as the "financial statements").

We do not express an opinion on the accompanying financial statements of the Company because of the significance of the matters described in the basis for disclaimer of opinion paragraph of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements as to whether these financial statements give a true and fair view in conformity with the applicable accounting standards ("Ind-AS") and other accounting principles generally accepted in India of the net profit and other comprehensive income and other financial information of the Company for the year ended March 31, 2024.

Basis for Disclaimer of Opinion

I. The Company is in the process of refining its stock valuation process by updating the standard rates of material, labour and overheads based on the current prevailing rates and relevant data. Accordingly, we were unable to determine the consequential impacts thereof, on inventory and other elements of financial statements, if any. As represented to us, the quantities and the valuation of the inventories amounting to INR 5,610.03 Lakh was determined by the Company based on available records.

II. Balance of Trade receivables, Trade payables are subject to confirmations, reconciliations, and consequential adjustments, if any, as a result of which we are unable to obtain sufficient and appropriate audit evidence.

III. As mentioned in note ‘36 of the financial statements, the Company has restated the financial statements of previous year ended March 31, 2023 and Opening Balance Sheet as at April 01, 2022 due to prior period errors identified in various account balances basis a review and analysis conducted during the year. Consequently, adjustments have been made to the balances of Inventories, Trade payables, Trade receivables, Deposits and Balance with

Government authorities. In the absence of sufficient and appropriate information and necessary evidence, we are unable to comment on the accuracy and completeness of such adjustments and their consequential impact on the financial statements for the year ended March 31, 2024 and the respective comparative previous years.

IV. We have been given to understand that the Company is in the process of updating the relevant documentation for internal financial control over financial reporting. In the absence of necessary documentation, we could not determine if the Company has established adequate internal financial control with reference to financial statements and whether such internal financial controls were operating effectively as at March 31, 2024.

Information Other than the Financial Statements and Auditors Report Thereon

The Companys Board of Directors is responsible for the other information. The other information comprises the information included in the Boards Report but does not include the financial statements and our auditors report thereon. The Companys board report is expected to be made available to us after the date of this auditors report.

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit otherwise appears to be materially misstated.

When we read the boards report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

The Companys 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 accounting principles generally accepted in India, including the Ind AS specified under section 133 of the Act.

This responsibility also includes 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 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, the Board of Directors is responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The Board of Directors is also responsible for overseeing the Companys financial reporting process.

Auditors Responsibilities for the Audit of the Financial Statements

Our responsibility is to conduct an audit of the Companys financial statements in accordance with Standards on Auditing and to issue an auditors report. However, because of the matters described in the Basis for Disclaimer of Opinion section of our report, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on the financial statements.

We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics.

Other Matters

The comparative financial information of the Company for the year ended March 31, 2023 included in these financial statements, are audited by the predecessor auditor whose report for the year ended March 31, 2023 dated May 30, 2023 expressed a qualified opinion on those financial statements.

These financial amounts have been adjusted to give the effects of the prior period adjustments as stated in paragraph (iii) of Basis of Disclaimer of Opinion.

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 India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure ‘A a statement on the matters specified in paragraphs 3 and 4 of the Order.

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

a. As described in Basis for Disclaimer of Opinion paragraph, we have sought but were unable to obtain all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

b. Due to possible effects of the matters described in the Basis for Disclaimer of Opinion paragraph, we are unable to state whether, 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. Due to possible effects of the matters described in the Basis for Disclaimer of Opinion paragraph, we are unable to state whether the Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Statement of Changes in Equity and the Statement of Cash Flows, dealt with by this Report are in agreement with the books of account.

d. Due to possible effects of the matters described in the Basis for Disclaimer of Opinion paragraph, we are unable to state whether, the aforesaid financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e. The matters described in the Basis for Disclaimer of Opinion paragraph above, inour 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, taken on record by the Board of Directors, none of the directors are disqualified as on March 31, 2024, from being appointed as a director in terms of Section 164 (2) of the Act.

g. With respect to the adequacy of the internal financial controls with reference to these Financial Statements and the operating effectiveness of such controls, refer to our separate Report in Annexure ‘B. Our report expresses disclaimer of opinion on the Companys internal financial control over financial reporting with reference to financial statements.

h. Due to the possible effects of the matters described in the "Basis for Disclaimer of Opinion" section of this report, we are unable to comment whether the managerial remuneration paid/provided by the Company during the year is in accordance with the provisions of Section 197 of the Act.

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

i. Due to the possible effects of the matters described in the "Basis for Disclaimer of Opinion" Section of this report, we are unable to state whether the Company has disclosed the impact of pending litigations on its financial position in its financial statements Refer Note 32.1 to the financial statements.

ii. The Company does not have any material foreseeable losses on long term contracts including derivative contracts requiring provision under the applicable law or Indian Accounting Standards.

iii. There has been delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company on account of unclaimed dividend.

iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds 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(s) or entity(ies), including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(b) The Management has represented, that, to the best of its knowledge andbelief, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and (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 representations under sub-clause (i) and (ii) of Rule 11(e) as provided under (i)(iv)(a) and (i) (iv)(b) above contain any material misstatement.

v. The dividend declared or paid during the year by the Company is in compliance with section 123 of the Companies Act, 2013.

vi. Based on our examination, which included test checks, the Company has used accounting software for maintaining its books of account for the year ended March 31, 2024, which has 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, except for the Accounting Software (SAP ERP) wherein the audit trail has not been enabled at application level for modification to customized tables and at database level. Further, during the course of our audit, we did not come across any instance of the audit trail feature being tampered with for softwares maintained by the Company.

vii. As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April 01, 2023, reporting under Rule 11 (g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per the statutory requirements for record retention is not applicable for the year ended March 31, 2024.

For Kalyaniwalla & Mistry LLP

Chartered Accountants

Firm Registration No.: 104607W/W100166

Anil A. Kulkarni Partner

Membership No.: 047576 UDIN:

Place: Pune

Date: May 30, 2024

Certificate No: XKF034

Annexure A to the Independent Auditors Report

As referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements section in our Independent Auditors Report of even date on the financial statements of Kalyani Forge Limited for the year ended March 31, 2024.

Statement on Matters specified in paragraphs 3 and 4 of the Companies (Auditors Report) Order, 2020 ("the Order"):

Except for the possible effects of the matters described under ‘Basis for Disclaimer of opinion paragraph of the independent auditors report and in terms of the information and explanations provided to us by the Company and the books of account and records examined by us in the normal course of audit, we state that:

I. 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 assets.

b. The Company does not have a formal policy of physical verification of property plant and equipment. In the absence of the information, we are unable to comment on the reasonableness of the frequency. As informed to us, the Company has not carried out the physical verification during the year.

c. Based on our examination, we report that the title deeds of immovable properties (other than immovable properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee), disclosed in the financial statements, are held in the name of the Company.

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, 2024 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.

II. a. As referred in para (i) and (iii) of Basis of Disclaimer of Opinion and due to absence of sufficient information, we were unable comment on reasonableness of frequency of physical verification of inventory and to determine whether discrepancies of 10% or more in the aggregate for each class of inventory were noticed during physical verification of inventory and whether they have been properly dealt with in the books of accounts.

b. The Company has been sanctioned working capital limits in excess of five crore rupees in aggregate, from a bank on the basis of security of current assets. In the absence of information with respect to the quarterly returns or statements filed by the Company with such bank we are unable to comment on whether the returns/statements are in agreement with the books of account.

III. According to the information and explanation given to us and the records examined by us, the Company has not made any investments, provided any guarantee or security or granted any loans or advances in the nature of loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or any other parties during the year, hence reporting under clauses 3 (iii) (a), (b), (c), (d), (e) and (f) is not applicable.

IV. The Company has not given any loans, or provided any guarantee or security as specified under Section 185 of the Act and the Company has not provided any guarantee or security as specified under Section 186 of the Act. Further, the Company has complied with the provisions of Section 186 of the Act in relation to investments made.

V. The Company has not accepted any deposit or amounts which are deemed to be deposits under section 73 to 76 of the Act. Hence, reporting under Clause 3 (v) of the Order is not applicable.

VI. Pursuant to the rules made by Central Government of India, the Company is required to maintain cost records as specified under section 148(1) of the Act. Due to the possible effects of the matters described in the "Basis for Disclaimer of Opinion"

VII. paragraph of the independent auditors report and in the absence of sufficient and necessary information, we are unable to comment whether such accounts and records have been so made and maintained.

VIII. In respect of statutory dues:

a. In our opinion, the Company is generally regular in depositing undisputed statutory dues, including Goods and Services tax, Provident Fund, Employees State Insurance, Income Tax, Cess and other material statutory dues applicable to it with the appropriate authorities. There were no undisputed amounts payable in respect of Goods and Service tax, Provident Fund, Employees State Insurance, Income Tax, Cess and other material statutory dues in arrears as at March 31, 2024 for a period of more than six months from the date they became payable except for delays in depositing provident fund due to UAN and Aadhar linking not done by employees.

b. Details of statutory dues referred to in sub-clause (a) above which have not been deposited as on March 31, 2024 on account of disputes are given below:

Name of the Statue	Nature of Due	Amount in INR	Period	Forum where the dispute is pending
Central Excise Act, 1944	Interest on supplementary Invoices	4,25,113	From FY 2001-02 to 2004-05	High Court of Bombay Mumbai.
Central Excise Act, 1944	Cenvat Credit on Rejection Received from customer	2,44,406	From FY 2008- 09 to 2011- 12	CESTAT Mumbai
Goods And Services Tax Act, 2017	E-way bill expired	3,01,400	FY 2018- 19	Additional Commissioner of GST and Central Excise, (Appeals) Coimbatore
Central Goods and Service Tax, 2017	Excess outward Tax in e-way Bills Excess ITC claimed	1,35,50,267	FY 2018-19	Deputy / Joint Commissioner of GST, Pune (Appeals)
Income Tax Act, 1961	Disallowance of Expenditure on expansion / upgradation of projects	6,95,976	FY 1991- 92	High Court of Bombay, Mumbai.
Income Tax Act, 1961	Loss on options settled.	23,24,857	FY 2007- 08	Commission- er of Income Tax (Appeals)
Income Tax Act, 1961	Expenditure incurred Bad debts and other expenses	22,93,529	FY 2010- 11	Commissioner of Income Tax (Appeals) Pune.
Income Tax Act, 1961	Disallowance of late payment of TDS, Additional Depreciation, Stock Value.	7,76,426	FY 2012- 13	Commissioner of Income Tax (Appeals) Pune.

 

Name of the Statue	Nature of Due	Amount in INR	Period	Forum where the dispute is pending
Income Tax Act, 1961	Disallowance of Additional Depreciation on electrical installations	3,09,074	FY 2015- 16	Commissioner of Income Tax (Appeals) Pune
Income Tax Act, 1961	Disallowance of Liabilities Written Back u/s 41(1) (a) of the Act	21,00,172	FY 2020- 21	Commissioner of Income Tax (Appeals) Pune

In the absence of sufficient and appropriate information, we are unable to comment on the completeness and accuracy of the disputed dues reported above

VIII. There were no transactions relating to previously unrecorded income that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).

IX a. The Company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender.

b. The Company is not declared wilful defaulter by any bank or financial institution or other lender.

c. The term loans were applied for the purpose for which the loans were obtained.

d. On an overall examination of the financial statements of the Company, funds raised on short-term basis have been, prima facie, not been used during the year for long-term purposes by the Company.

e. The Company does not have any investment in subsidiaries, hence reporting under Clause 3(ix)(e) of the Order is not applicable.

f. The Company does not have any investment in subsidiaries, hence reporting under Clause 3(ix)(f) of the Order is not applicable.

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

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

XI a. Based on examination of the books and records of the Company and according to the information and explanations given to us, considering the principles of materiality as outlined in the Standards on Auditing, we report that no fraud by the Company or on the Company has been noticed or reported during the course of the audit.

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.

c. As represented to us by the management, there were no whistle blower complaint received by the Company during the year.

XII. The Company is not a Nidhi Company and hence reporting under Clause 3 (xii) of the Order is not applicable.

XIII. All transactions entered into by the Company with the related parties are in compliance with sections 177and 188 of the Act, where applicable and the details have been disclosed in the financial statements as required by the applicable accounting standards.

XIV a. The Company has an internal audit system, wherein an external consulting firm is carrying out the internal audit work. In our opinion, its scope and coverage need to be increased so as to be commensurate with the size and nature of the business of the Company.

b. (In the absence of timely availability of internal audit reports, we have not considered the internal audit reports for the year under audit.

XV. During the year, the Company has not entered into any non-cash transactions with its Directors or persons connected with its directors and hence provisions of section 192 of the Companies Act, 2013 are not applicable to the Company.

XVI a. (a) In our opinion, the Company is not required to be registered under section 45IA of the Reserve Bank of India Act, 1934. Hence reporting under Clause 3 (xvi) (a), (b) and (c) of the Order is not applicable.

b. (d) According to the information given to us, there are no Core Investment Companies 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 in the financial year under the audit and the immediately preceding financial year.

XVIII. K.S. Aiyar & CO, the previous statutory auditors of the Company have resigned with effect from June 16, 2023 and No issues, objections or concerns raised by the outgoing auditor.

XIX. According to the information and explanation given to us and on the basis of the financial ratios, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying the financial statements and our knowledge of the Board of Directors and Management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report indicating that Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.

XX. According to the information and explanations given to us, the provisions of section 135 of the Act are not applicable to the Company, hence reporting under Clause (xx) (a) and (b) of the Order is not applicable.

XXI. As the Company does not have any subsidiary, associate and Joint Venture Company, reporting under Clause 3 (xxi) of the Order is not applicable.

For Kalyaniwalla & Mistry

LLP Chartered Accountants

Firm Registration No.: 104607W/W100166

Anil A. Kulkarni

Partner

Membership No.: 047576

UDIN: 24047576BKBJIW1228

Place: Pune

Date: May 30, 2024

Annexure B to the Independent Auditors Report

(Referred to in paragraph 2(f) under the heading ‘Report on Other Legal and Regulatory Requirements of our Independent auditors report of even date on the financial statements of Kalyani Forge Limited for the year ended March 31, 2024)

Report on Internal Financial Controls with reference to the 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 internal financial controls over financial reporting of Kalyani Forge Limited (the "Company") as of March 31, 2024, in conjunction with our audit of the accompanying financial statements of the

Company for the year ended on that date.

Disclaimer of Opinion

As described in the "basis for Disclaimer of Opinion" paragraph below, we are unable to obtain sufficient and appropri -ate audit evidence to provide a basis for our opinion whether the Company had adequate internal financial controls with reference to financial statements and whether such internal financial controls were operating effectively as at March 31, 2024 based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control as stated in Guidance Note on Audit of Internal Control over Financial reporting issued by the Institute of Chartered Accountants of India (ICAI).

We have considered the disclaimer reported above in determining the nature, timing, and extent of audit tests applied in our audit of the financial statements of the Company, and the disclaimer has affected our opinion on the financial statements of the Company, and we have issued a disclaimer of opinion on the financial statements.

Basis of Disclaimer of Opinion

We have been given to understand that the Company is in the process of updating the relevant documents for the setup of system of internal financial control over financial reporting and in the absence of necessary evidence, we could not determine if the Company has established adequate internal financial control with reference to financial statements and whether such internal financial controls were operating effectively as at March 31, 2024.

Managements responsibility for internal financial controls

The Companys Management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the ICAI.

These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditors responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting with reference to these financial statements based on our audit. We were engaged to audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the ‘Guidance Note) and the Standards on Auditing as specified under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls, both issued by ICAI.

Because of the matters described in the Basis for Disclaimer of Opinion paragraph of our auditors report on the financial statement of the Company, we were not able to obtain sufficient appropriate audit evidence to provide basis for an opinion on internal financial control with reference to the financial statements of the Company.

Meaning of internal financial controls over financial reportingwith reference to these financial statements

A Companys internal financial control over financial reporting with reference to these financial statements 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 Companys internal financial control over financial reporting with reference to these financial statements includes those policies and procedures that:

I. pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company.

II. 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

III. provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Companys assets that could have a material effect on the financial statements.

For Kalyaniwalla & Mistry LLP

Chartered Accountants

Firm Registration No.: 104607W/W100166

Anil A. Kulkarni

Partner

Membership No.: 047576

UDIN: 24047576BKBJIW1228

Place: Pune

Date: May 30, 2024

ANNEXURE I

Statement on Impact of Audit Qualifications (for audit report with modified opinion) submitted along-with Annual Audited Financial Results - (Standalone and Consolidated separately)

Statement on Impact of Audit Qualifications for the Financial Year ended March 31, 2024 [See Regulation 33 / 52 of the SEBI (LODR) (Amendment) Regulations, 2016]

Sr.	Particulars	Audited Figures (as reported before adjusting for qualifications	Adjusted Figures (audited figures after adjusting for qualifications)
	Turnover / Total income	24,066.32	ot applicable - Refer Item II (d) below
	Total Expenditure	23,504.40
	Net Profit/(Loss)	455.01
	Earnings Per Share	12.51
	Total Assets	20,474.50
	Total Liabilities	12,273.78
	Net Worth	8,200.72
	Any other financial item(s) (as felt appropriate by the management)

 

Audit Qualification (each audit qualification separately):
Details of Audit Qualification:	1. The Company is in the process of refining its stock valuation process by updating the standard rates of material, labour and overheads based on the current prevailing rates and relevant data. Accordingly, we were unable to determine the consequential impacts thereof, on inventory and other elements of financial results, if any. As represented to us, the quantities and the valuation of the inventories amounting to INR 5,610.03 Lakh was determined by the Company based on available records.
	2. Balance of Trade receivables, Trade payables are subject to confirmations, reconciliations, and consequential adjustments, if any, as a result of which we are unable to obtain sufficient and appropriate audit evidence.
	3. As mentioned in note ‘5 of the financial results, the Company has restated the financial results of previous year ended March 31, 2023 and Opening Balance Sheet as at April 01, 2022 due to prior period errors identified in various account balances basis a review and analysis conducted during the year. Consequently, adjustments have been made to the balances of Inventories, Trade payables, Trade receivables, Deposits and Balance with Government authorities. In the absence of sufficient and appropriate information and necessary evidence, we are unable to comment on the accuracy and completeness of such adjustments and their consequential impact on the financial results for the year ended March 31, 2024 and the respective comparative previous periods.
	4. We have been given to understand that the Company is in the process of updating the relevant documentation for internal financial control over financial reporting. In the absence of necessary documentation, we could not determine if the Company has established adequate internal financial control with reference to financial statements and whether such internal financial controls were operating effectively as at March 31, 2024.
(b) Type of Audit Qualification:	Disclaimer of Opinion
(c) Frequency of qualification:	Disclaimer of Opinion for the first time
(d) For Audit Qualification(s) where the impact is quantified by the auditor, Managements Views:
(e) For Audit Qualification(s) where the impact is not quantified by the	NA, Not quantified
auditor:
(i) Managements estimation on the impact of audit qualification:	There is no impact of the qualification as per Managements best assessment.
(ii) If management is unable to estimate the impact, reasons for the same:	NA
(iii) Auditors Comments on (i) or (ii) above:	Because of the significance of the matters described in the details of audit qualification in II
	(a) above, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on the financial results for the year ended March 31, 2024.

Viraj Kalyani

Chief Financial Officer

Abhijit Sen

Audit Committee Chairman

Anil Kulkarni Statutory Auditor

Place: Pune

Date: May 30, 2024