Kanoria Energy & Infrastructure Ltd Auditor Reports

TO THE MEMBERS OF KANORIA ENERGY & INFRASTRUCTURE LIMITED
(FORMERLY KNOWN AS A INFRASTRUCTURE LIMITED)

Report on the Audit of the Ind AS Financial Statements

Opinion

We have audited the Ind AS financial statements of Kanoria Energy & Infrastructure Limited (Formerly Known as A Infrastructure Limited)
("the Company"), which comprise the balance sheet as at March 31, 2024, the statement of profit and loss (including other comprehensive
income), statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including
a summary of the material accounting policies and other explanatory information (herein referred to as " 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 (Act") in the manner so required and give a true and fair view in conformity with the Indian
Accounting standards specified under section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015 as amended
(the Ind AS) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024, the profit,
total comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities
under those standards(SAs) are further described in the Auditors Responsibilities for the Audit of the Financial Statements section of
our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of
India(ICAI) 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 (ICAIs)Code of
Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the
current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters.

We have determined the matter described below to be the key audit matter to be communicated in our report.

Description of Key Audit Matter

Revenue recognition (refer note No. 1 (10) to the Financial Statements)

The Key Audit Matter	How the matter was addressed in our audit
Revenue Recognition	Our audit procedures included:
Revenue is recognized when the control of the underlying products has been transferred to the customer. There is a risk of revenue being overstated due to fraud resulting from the pressure on management to achieve performance targets at the reporting period end.	a) Assessed the appropriateness of the companys revenue recognition accounting policies, including those relating to discounts, incentives and rebates by comparing with the applicable accounting standards;
Revenue is measured net of discounts, rebates and incentives earned by customers on the Companys sales.	b) Tested the operating effectiveness of the general IT control environment and key IT application controls over recognition of revenue, calculation of discounts, incentives and rebates;
Due to the Companys presence across different marketing regions within the country and the competitive business environment, the estimation of the various types of discounts, rebates and incentives to be recognized based on sales made during the year is material and considered to be judgmental.	c) Performed test of details:
Therefore, there is a risk of revenue being misstated as a result of faulty estimations over discounts, incentives and rebates and therefore considered as a key audit matter.	i) Agreed samples of sales, discounts, incentives and rebates to supporting documentation and approvals;
	ii) Obtained supporting documents for sales transactions recorded either side of year end as well as credit notes issued after the year ended to determine whether revenue was recognized in the correct period.
	d) Comparing the historical discounts, rebates and incentives to current payment trends. We also considered the historical accuracy of the Companys estimates in previous years.
	e) Assessing manual journals posted to revenue to identify unusual items. and
	f) Considered the appropriateness of the companys description of the accounting policy, disclosures related to revenue, discounts, incentive and rebates and whether these are adequately presented in the financial statement

Information Other than the Financial Statements and Auditors Report Thereon

The Companys management and Board of Directors are responsible for the other information. The other information comprises
the information included in the Companys annual report, but does not include the financial statements and our auditors report
thereon. 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 or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is
a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Managements Responsibility for the Financial Statements

The Companys management and Board of Directors are 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 state of affairs, profit and other
comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally
accepted in India, including the Indian Accounting Standards (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, management and Board of Directors are responsible for assessing the Companys ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless management either intends to liquidate the Company or to cease 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 objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit 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:

i. 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 basis 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.

ii. Obtain an understanding of internal control 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 with reference to financial statements in place and the operating effectiveness of such controls.

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

iv. Conclude on the appropriateness of managements use of the going concern basis of accounting and, based on the audit evidence obtained,
whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companys ability to continue
as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related
disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Company to cease to continue
as a going concern.

v. 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, in the context of any entitys financial statement taken as a whole, is the nature or magnitude of financial information, or both
that individually or in the combination with other information is reasonably be expected to influence the economic decisions of a reasonably
knowledgeable primary user of general purpose financial statements. In planning the scope of our audit work, evaluating the results of our
work and evaluating the financial effect of any identified omissions, misstatements or obscuration in the financial statements we consider
quantitative materiality and also the qualitative factors.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant
audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence,
and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit
of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors report
unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public
interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

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

(A) As required by Section 143(3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of
our audit.

b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

c) The balance sheet, the statement of profit and loss (including other comprehensive income), 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) In our opinion, the aforesaid financial statements comply with the Ind AS specified under Section 133 of the Act.

e) 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 is disqualified as on March 31, 2024 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 controls with reference to financial statements of the Company and the
operating effectiveness of such controls, refer to our separate Report in "Annexure B".

g) With respect to the matter to be included in the Auditors Report under Section 197(16) of the Act:

In our opinion and according to the information and explanations given to us, the remuneration paid by the Company
to its directors during the current year is in accordance with the provisions of Section 197 of the Act. The remuneration
paid to any director is not in excess of the limit laid down under Section 197 of the Act.

h) With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, 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 as at March 31, 2024 on its financial position in its
financial statements - Refer Note 48(i)(a) to the financial statements;

ii. The Company did not have any long-term contracts including derivatives contracts for which there were any material
foreseeable losses.

iii. There has been no delay in transferring 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, other than disclosed in the notes to

accounts, 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 and belief, other than as disclosed in the notes
to accounts, no funds have been received by the company from any person(s) or entity(s), 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 audit procedures that we have considered reasonable and appropriate in the circumstances, nothing has
come to our notice that has caused us to believe that the representations under iv. (a) and (b) above contain any
material mis-statement.

v. The Company has declared and paid dividend during the year and has complied with Section 123 of the Companies Act, 2013.

vi. Based on our examination which included test checks, the Company has used an accounting software for maintaining its
books of account 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. Further, during the course of our audit, we did not come across
any instances of audit trial feature being tempered with.

Place - New Delhi	For K. N. Gutgutia & Co.
30th May,2024	Chartered Accountants
	Firm Registration Number 304153E
	Sd/-
	Kailash Chandra Sharma
	Partner
UDIN: 24050819BKBULF9737	Membership No.50819

ANNEXURE ‘A TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph I of Report on other legal and Regulatory Requirements section of our report of even date)

i. a) (A) The company has maintained proper records showing full particulars, including quantitative details and situations of Property,

Plant and Equipment.

(B)The company has maintained proper records showing full particulars of intangible assets.

b) The Property, Plant and Equipment were physically verified during the year by the management at reasonable intervals and no
material discrepancies were noticed on such verification.

c) According to the information and explanations given to us and the record examined by us and based on the examination of the
registered sale deed/transfer deed/conveyance deed provided to us, we report that, the title deeds, comprising all the immovable
properties (other than properties where the company is the lessee and the lease agreements are duly executed in favour of the
lessee) which are freehold, are held in the name of the company as at the balance sheet date.

d) According to the information and explanation given to us, the Company has not revalued its Property, Plant and Equipment
(including Right of Use assets) or intangible assets or both during the year and hence Clause 3 (i) (d) of CARO 2020, is not applicable
to the Company.

e) According to the information and explanations given to us, no proceedings have been initiated or are pending against the Company
for holding any Benami property under The Benami Transaction (Prohibition) Act, 1988 (45 of 1988) and the rules made there
under and hence Clause 3 (i) (e) of CARO 2020, is not applicable to the Company.

ii. (a) As explained to us, inventories were physically verified during the year by the management at reasonable intervals, except for

inventories lying with third parties where confirmations of inventories held by such third parties have been received and no
material discrepancies of 10% or more in the aggregate for each class of inventories were noticed on physical verification. In our
opinion the coverage and procedure of such verification by the management is appropriate.

(b) The company has been sanctioned working capital limits in excess of five crore rupees, in aggregate, from banks or financial
institutions on the basis of security of current assets. Based on the information and explanation given to us and as represented by
the person those charge with governance, we have not noticed any material variations in the quarterly returns or statements filed
by the company with such banks or financial institutions with the books of account of the Company.

iii. During the year, the company has made investments in but has not , provided 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.

(a) No loans and advances in the nature of loan given by the company, hence clause 3(iii)(a) is not applicable.

(b) Company has no investments at the end of the year and no guarantees provided, no security given hence clause 3(iii)(b) is not
applicable.

(c) No loans and advances in the nature of loan given by the company, hence reporting under clause3(iii)(c) is not applicable.

(d) No loans and advances in the nature of loan given by the company, hence reporting under clause3(iii)(d) is not applicable.

(e) No loans and advances in the nature of loan given by the company, hence reporting under clause3(iii)(e) is not applicable.

(f) The 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 hence reporting under clause 3(iii)(f)is not applicable.

iv. In our opinion and according to the information and explanation given to us, the company has complied with the provisions of section 185
and 186 of the Companies act 2013 in respect of making loans, investments and guarantees as applicable.

v. The company has not accepted any deposit or amounts which are deemed to be deposits under Section 73 to 76 and any other relevant
provisions of the Companies Act, 2013 during the year. Therefore, the provisions of Clause 3 (v) of the Companies Auditor Report) Order
2020 is not applicable to the company.

vi. According to the information and explanations given to us, in our opinion the company has , prima facie, made and maintained the prescribed
cost records pursuant to the Companies (Cost Records and Audit)Rules, 2015 as amended and prescribed by the central government under
section (1) of section 148 of the Companies Act 2013.

We have however not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

vii. According to the information and explanation given to us in respect of statutory dues:

a) The company has generally been regular in depositing undisputed statutory dues including provident fund, employees state
insurance, income tax, sales tax, service tax, customs duty, excise duty, value added tax, Goods and Service tax, Cess and any other
material statutory dues applicable to it with the appropriate authorities.

b) There was no undisputed amount payable in respect of provident fund, employees state insurance, income tax, sales tax, service tax,
customs duty, excise duty, value added tax, Goods and Service tax, Cess and any other material statutory dues in arrears, as at 31st
March 2024 for a period of more than six months from the date they became payable except stated in Annexure C enclosed.

viii. Based on our checking and according to the information and explanation given to us, any transactions not recorded in the books of accounts
have been found to surrender or disclosed as income during the year in the tax assessment under Income Tax Act, 1961 (43 of 1961), and
hence Clause 3 (VIII) of CARO 2020 is not applicable to the company.

ix. (a) The Company has not defaulted in repayments of loans or other borrowings or in the payments of interest thereon to any lender

(b) As per information and explanation given to us and records examined by us the company is not declared willful defaulter by any
bank or financial institution or other lender.

(c) The term loans have been applied by the company for the purpose for which they were obtained.

(d) Funds raised on short term basis by the company have not been utilized for long term purpose and hence Clause 3(ix)(d) of CARO
2020 is not applicable to the company.

(e) The company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries, joint
ventures or associate companies and hence Clause 3(ix)(e) of CARO 2020 is not applicable to the company. The Company has no
subsidiaries, joint ventures or associate companies.

(f) The company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate
companies and hence Clause 3(ix)(f) of CARO 2020 is not applicable to the company. The Company has no subsidiaries, joint
ventures or associate companies.

x. (a) According to the information and explanation given to us the company has not raised moneys by way of initial public offer or further

public offer including debt instruments during the year hence Clause 3(x)(a) of CARO 2020 is not applicable to the company.

(b) The company has not made any preferential allotment/private placement of shares or fully or partly convertible debentures during
the year under review and hence Clause 3(x)(b) of CARO 2020 is not applicable to the company.

xi. (a) According to the information and explanations given to us no fraud on or by the company has been noticed or reported during the

course of audit hence Clause 3(xi)(a)of CARO 2020 is not applicable to the company.

(b) No report has been filed by us under sub section (12) of Section 143 of the Companies Act in Form ADT-4 as prescribed under Rule
13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government and hence Clause 3(xi) (b) of CARO 2020 is not
applicable to the company.

(c) The company has not received any whistle blower complaints during the year, hence Clause 3(xi)(c) is not applicable to the company.

Xii. According to the information and explanation given to us the company is not a Nidhi Company and hence Clause 3(xii) (a, b & c) of CARO

2020 is not applicable to the company.

xiii. In our opinion and 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 applicable, for all transactions with the related parties and the details of related party transactions have
been disclosed in the financial statements etc., as required by the applicable accounting standards.

xiv. (a) The company has an internal audit system commensurate with the size and nature of its business.

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

xv. The company has not entered into any non-cash transaction with the directors or persons connected with him and hence Clause 3(xv) of
CARO 2020 is not applicable to the company.

xvi. The company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934 and hence clause (3xvi) is not
applicable to the company.

xvii. The company has not incurred cash losses in the financial year and in the immediately preceding financial year

xviii. There has been no resignation of statutory auditors during the year and hence Clause 3(xviii) of CARO 2020 is not applicable to
the company.

xix. According to the information and explanations given to us and on the financial ratios, ageing and expected dates of realization of financial
assets and payment of financial liabilities, other information accompanying the financial statements, our knowledge of the Board of
Directors and management plans and based on our examination of the evidence supporting the 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 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. 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. (a) According the information and explanations given to us, no amount is required to be transferred for any unspent amount on other

than ongoing projects to a Fund Specified in the Schedule VII to the Companies Act within a period of six months of the expiry of the
financial year and hence Clause 3(xx)(a) of CARO 2020 is not applicable to the company.

(b) No amount is remaining unspent under sub section (5) of section 135 of the companies act, pursuant to any ongoing project, hence
clause 3(xxi) (b) is not applicable to the company.

xxi. Consolidated financial statements is not required to be prepared by the company and hence Clause 3 (xxi) of CARO 2020 is not applicable
to the company.

Place - New Delhi	For K. N. Gutgutia & Co.
30th May,2024	Chartered Accountants
	Firm Registration Number 304153E
	Sd/-
	Kailash Chandra Sharma
	Partner
UDIN: 24050819BKBULF9737	Membership No.50819

"ANNEXURE B"

ANNEXURE TO THE INDEPENDENT AUDITORS REPORT OF EVEN DATE ON THE IND AS FINANCIAL
STATEMENTS OF KANORIA ENERGY & INFRASTRUCTURE LIMITED (FORMERLY KNOWN AS A

INFRASTRUCTURE LIMITED)

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

We have audited the Internal Financial Controls over financial reporting of KANORIA ENERGY & INFRASTRUCTURE LIMITED (FORMERLY
KNOWN AS A INFRASTRUCTURE LIMITED) ("the Company") as of March 31, 2024 in conjunction with our audit of the Ind AS financial
statements of the Company for the year ended on that date.

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
Institute of Chartered Accountants of India. 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 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 Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting 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") and the Standards on Auditing, issued by ICAI and deemed to be prescribed
under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both
applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India.
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 controls over financial
reporting included 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 auditors judgement, including the assessment of the risks of
material misstatement of the Ind AS financial statements, whether due to fraud or error

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

Meaning of Internal Financial Controls over Financial Reporting

A companys internal financial control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of Ind AS financial statements for external purposes in
accordance with generally accepted accounting principles. A companys internal financial control over financial reporting
includes those policies and procedures that

(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of Ind AS 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 companys assets that could have a material effect on the Ind AS financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the 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, the Company has, in all material respects, an adequate internal financial controls system over financial
reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2024, 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.

Place - New Delhi	For K. N. Gutgutia & Co.
30th May,2024	Chartered Accountants
	Firm Registration Number 304153E
	Sd/-
UDIN: 24050819BKBULF9737	Kailash Chandra Sharma
	Partner
	Membership No.50819

ANNEXURE-C

FOR F.Y.2023-24

Nature of Dues	Amount (Rs. In Lakhs)	Period to which the amount relates	Authority where the dispute is pending
Excise Duty	1,102.00	December 2003 to March 2006	CESTAT, New Delhi
Service Tax	134.95	2013-2014	CESTAT, New Delhi (Ahmedabad office)
Total	1,236.95

 

Place - New Delhi	For K. N. Gutgutia & Co.
30th May,2024	Chartered Accountants
	Firm Registration Number 304153E
	Sd/-
UDIN: 24050819BKBULF9737	Kailash Chandra Sharma
	Partner
	Membership No.50819