Khoobsurat Ltd Auditor Reports

Standalone Ind AS Financial Statements

for the year ended 31^st March 2025 To the Members of KHOOBSURAT LIMITED

Report on the Audit of the Standalone Ind AS Financial Statements Opinion

We have audited the financial statements of Khoobsurat Limited (the Company), which comprise the Balance Sheet as at 31st March 2025 and the Statement of Profit and Loss (including other comprehensive income), the Statement of Changes in Equity and Statement of Cash Flows for the Year ended, and Notes to the Financial Statements, including a summary of Material Accounting Policies and other Explanatory Information (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 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025, and its loss, changes in Equity, and its Cash Flows for the year ended on that date.

Basis of Opinion

We conducted our audit in accordance with the Standards on Auditing ("SAs") issued by Institute of Chartered Accountants of India ("ICAI"), specified under section 143(10) of the Act. Our responsibilities under those standards 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 ICAI together with the ethical requirements that are relevant to our audit of the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

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 for the year ended 31 March 2025. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion there on, and we do not provide a separate opinion on those matters. For each matter below, our description of how our audit addressed the matter is provided in that context.

Key Audit Matters	How our audit addressed the key audit matter
Provisioning for Expected Credit Loss (ECL) in respect of financial assets of the Company
The Company has recognized ECL provisions on its financial assets, including trade receivables, loans, and advances, as required under Ind AS 109 "Financial Instruments." The ECL provisioning involves significant management judgment and estimation uncertainty, particularly in assessing credit risk, determining significant increases in credit risk, and incorporating forward-looking macroeconomic information. Furthermore, the Company has retrospectively applied ECL provisioning as a prior period adjustment in accordance with Ind AS 8. (Also refer note 35 to financial statements)	We assessed the Companys accounting policies related to ECL provisioning for compliance with Ind AS 109.
Given the complexity of the ECL models, the subjectivity involved in key assumptions such as Probability of Default, Loss Given Default, Exposure at Default, and the estimation uncertainty around recoverability of certain loans and advances or other balances of financial assets, we have identified this area as a key audit matter.	We evaluated the design and implementation of the ECL models. We also tested the reasonableness of key assumptions made by the Companys management in the ECL calculation and other inputs used, wherever available.
	We performed independent re-computation of the ECL provision on a sample basis and assessed the completeness and accuracy of data used.
	We evaluated the adequacy and accuracy of disclosures made in the financial statements related to ECL provisioning.

Emphasis of Matter

We draw attention to the following matters in the accompanying financial statements:

1. Certain balances of trade receivables, trade payables, and loans and advances are subject to confirmation, reconciliation, and consequential adjustments, if any. The management has obtained confirmations for some of these balances and is in the process of obtaining the remainder (Note 39(b) to financial statements).

2. The Company is engaged in Investments and trading of shares and securities and other financial activities and meets the criteria specified under Section 45-IA of the Reserve Bank of India Act, 1934, requiring registration as a NonBanking Financial Company (NBFC). However, the Company has not obtained such registration from the Reserve Bank of India.

3. The Company holds investments in various unlisted companies, valued at INR 1522.18 Lakhs as on 31 March 2025. The Company had last undertaken fair value assessment of these investments by obtaining valuation reports for valuation as on 31 March 2024. The management have undertaken self-assessment of these investments as on 31 March 2025 and based on the same, they do not expect any material changes to the fair value determined under previous valuation reports. Therefore, the management has decided to carry same fair value of investments as on 31 March 2025. We have solely relied on managements representation in this regard. (Note 5.1 to financial statements)

4. The Company holds stock-in-trade of shares in listed Companies, which are not currently traded on any stock exchange. Based on Companys anticipated recovery at disposal of these shares, the Company has kept the last available traded rates of such companies for the purpose of their respective valuation as on 31 March 2025. (valued at INR 2.97 Lakhs) (Note 4.1 to financial statements)

5. During past years / periods, the Company had given various advances (recoverable in cash / kind) totaling to INR 1137.37 Lakhs (gross value) - shown under Other financial assets (current). The management has explained us that these advances were given for the purpose of acquiring of shares / securities; however, such acquisition is pending as on balance sheet date. The management is in process of either settling these transactions by acquisition of shares / securities, or by squaring off the advances through repayment. We have solely relied on managements representation in this regard (Note 9.1 to financial results).

6. Based on our review, it is observed that interest income is not recognized on some of outstanding loans and advances given to various parties as interest income could not be crystallized from such parties. However, the management is of the opinion that it will be able to soon recover the principal amount from these parties. The Company has considered ECL provision in respect of these parties as per the policy adopted considering them as credit-impaired financial assets. In the absence of any further details / documents, we have solely relied on managements representation with regard to the items of these loans and the ECL provision thereof.

7. The Company has outstanding trade receivables for more than 3 years, totaling to 49.67 Lakhs (gross value). The management is of the opinion that it is in process of recovering these amounts. The Company has considered ECL provision in respect of these parties as per the policy adopted considering them as credit-impaired financial assets.

8. The Company has a dormant bank account (held with Yes Bank) totaling to 0.10 lakhs, reflected in the books of accounts. The balance is pending confirmation and may require adjustments upon receipt of relevant statements. (Note 7.1 to the financial results).

Our opinion is not modified in respect of these matters.

Information Other than the Standalone Financial Statements and Auditors Report Thereon

The Companys Board of Directors are responsible for the other information. The other information 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 identified above when it becomes available 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 Standalone 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 State of Affairs, Profit and Cash Flows of the Company in accordance with the Accounting Standards prescribed under section 133 of the Act read with the Companies (Accounting Standards) Rules, 2021, as amended, 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 of the assets of the Company and for preventing and detecting frauds and other irregularities; selection of the appropriate accounting software for ensuring compliance with applicable laws and regulations including those related to retention of audit logs; 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 Standalone 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 Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone Ind AS 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 standalone Ind AS 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 standalone 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 controls.

• 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)^) 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 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 standalone 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 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 standalone financial statements, including the disclosures, and whether the standalone 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, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.

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 standalone 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, 2016 ("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, to the extent it is applicable.

2. 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 except as mentioned in basis of qualified opinion para.

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, 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 standalone financial statements comply with the Ind AS specified under Section 133 of the Act, read with Rule 7 of the Companies (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 is 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 maintenance of accounts and other matters connected therewith, reference is made to our remarks in paragraph b above on reporting under Section 143(3)(b) and paragraph j(viii) below on reporting under Rule 11(g) of the Rules.

g) With respect to the adequacy of the Internal Financial Controls with reference to financial statements of the Company and the operative effectiveness of such controls, please refer our report in the Annexure B. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companys internal financial controls with reference to financial statements.

h) In our opinion and to the best of our information and according to the explanation given to us, the managerial remuneration for the year ended 31 March 2025 has been paid / provided by the Company to its directors 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. As represented by the Management, except as disclosed under Note 26 to the financial statements, the Company does not have any pending litigations as at 31 March 2025 which would have an impact on its financial position in its Financial Statements;

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

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company;

iv. 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 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;

v. 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 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;

vi. 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.

vii. In our opinion and according to information and explanation given to us, the Company has not declared or paid dividend during the year, accordingly compliance with section 123 of the Act by the Company is not applicable

viii. Based on our examination, the company has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility, however, the Company has not activated the feature of recording audit trail (edit log) facility during whole of the financial year ended 31 March 2025.

Annexure "A" to the Independent Auditors Report

(Referred to in paragraph 1 under Report on Other Legal and Regulatory Requirements section of our Independent Auditors report to the Members of Khoobsurat Limited on the financial statements for the year ended 31 March 2025)

In terms of the information and explanations sought by us and given by the Company and the books of account and records examined by us in the normal course of audit and to the best of our knowledge and belief, 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 does not have any intangible assets and therefore, reporting under clause 3(i)(a)(B) of the Order is not applicable.

b. The Property, Plant and Equipment have been physically verified by the management at reasonable intervals. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

c. According to the information and explanations given to us and based on the examination of records of the company does not own any immovable property and hence, reporting under clause 3(i)(c) of the Order is not applicable.

d. 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 revalued its Property, Plant and Equipment or intangible assets during the year.

e. Based on the information and explanation furnished to us, no proceedings have been initiated on the Company under the Prohibition of Benami Property Transactions Act, 1988 (as amended in 2016) and Rules made there under.

(ii) a. As informed to us, the Company only holds inventory of Shares / Securities and thus, physical verification of the inventories is not applicable during the year ended 31 March 2025. Therefore, reporting under clause 3(ii)(a) of the Order is not applicable.

b. According to information and explanation given to us, The Company has not availed any working capital limits in excess of five crore rupees, in aggregate, from banks on the basis of security of current assets. Therefore, reporting under clause 3(ii)(b) of the Order is not applicable.

(iii) a. During the year, the Company has provided loans and advances to companies as follows:

Particulars of loans and advances	Aggregate amount during year	Balance outstanding as at 31 March 2025 (Including interest due, if any)
To subsidiaries, joint ventures and associates	Nil	Nil
To others	992.75	INR 2109.29

b. In our opinion and based on explanation and information provided to us, the terms and conditions of the grant of loans, if any, during the year are, prima facie, not prejudicial to the Companys interest.

c. Based on explanation and information provided by the management, in respect of loans granted by the Company, it is represented that the loans are repayable on demand and interest is annually payable. The repayments are generally regular except in respect of the following loans:

Sr. no Name of party to whom loan is granted	Amount outstanding as at 31 March 2025
1 Bholaram Metal Industries Private Limited	72.79
2 Matarani Commotrade Pvt. Ltd.	192.19
3 Salma Khan	57.90

d. In respect of loans granted by the Company, Except for loans tabulated in paragraph (iii) c. above, there is no overdue amount remaining outstanding for more than 90 days as at the Balance Sheet date.

e. No loan granted by the Company, which has fallen due during the year, has been renewed or extended or fresh loans granted to settle the overdue of existing loans given to the same parties.

f. The loans granted as specified under reporting in clause (iii)(a) above are all in the nature of loans repayable on demand and same is 100 percent of the total loans granted by the Company. Further, details of loans granted to promoters / related parties, if any are reported under Note 34 to the financial statements.

(iv) According to information and explanation given to us and based on written representation from the management, the company has complied with the provisions of section 185 and 186 of the Act, in respect of the loans given by the Company.

(v) According to the information and explanations given to us, the Company has not accepted any deposits from the public as per the provisions of section 73 to 76 of the Act and rules framed thereunder, and accordingly, the provisions of Clause 3(v) of the Order are not applicable to the Company.

(vi) In our opinion and according to the information and explanations given to us the maintenance of cost records pursuant to the Companies (Cost Records and Audit) Rules, 2014 has not been specified by the Central Government under Section 148(1) of the Companies Act, 2013 for the business activities carried out by the Company. Hence, reporting under clause 3(vi) of the order is not applicable to the Company.

(vii) a. According to the information and explanations given to us and according to the books and records as produced and examined by us, in respect of statutory dues, the Company has been generally regular in depositing undisputed statutory dues including Income Tax / withholding taxes and other material statutory dues as applicable with the appropriate authorities. As at last day of financial year, there were no amounts payable in respect of the aforesaid statutory dues outstanding for a period of more than six months from the date they became payable.

Further, on certain occasion, there have been minor delays in depositing of statutory dues in respect Income-tax (withholding tax) and the Company has deposited such dues along with the due interest / late (or additional) fees to the respective authorities.

b. According to the information and explanations given to us and the records of the Company examined by us, as on 31 March 2025, there are no statutory dues referred to in sub-clause (a) which have not been deposited on account of any dispute, except as tabulated below:

Name of the Statue	Nature of Dues	Forum where dispute is pending	Year to which the Amount relates	Amount Involved (in INR Lakhs)
Income Tax Act, 1961	Income Tax	CIT (Appeal) order passed, Order giving effect pending	2008-09	9.73
			2010-11	24.67
			2011-12	106.01
			2012-13	4.38
			2013-14	0.97
			2014-15	2.42

The management has represented that the CIT(Appeals) orders are in favour of the Company and once Orders giving effect to the CIT(Appeals) Orders are passed, there will be no disputed amount remaining and no demand outstanding against the Company.

(viii) 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 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. In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues from any lender during the year ended 31 March 2025. The Company do not have any borrowings from government or dues to debenture holders.

b. Based on our audit procedures and on the basis of information and explanations given to us, the Company has not borrowed any loans from any bank or financial institution or government or any government authority and therefore, report on clause 3(ix)(b) of the Order is not applicable.

c. In our opinion, and according to the information and explanations given to us, the Company not availed any term loans and therefore, report on clause 3(ix)(c) of the Order is not applicable.

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

e. The Company does not hold any investment in any subsidiary company, associates or joint venture (as defined in the Act) during the year ended 31 March 2025 and hence, reporting under clause 3(ix)(e) is not applicable.

f. The Company does not hold any investment / securities in any subsidiary company during the year ended 31 March 2025 and hence, reporting under clause 3(ix)(f) 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 and hence reporting under clause 3(x)(a) of the Order is not applicable. The Company had raised money only from right issue of shares and the same, in our opinion, is not covered within the reporting parameters of aforementioned clause of the Order.

b. The Company has not made any preferential allotment or private placement of shares /fully or partially or optionally convertible debentures during the year under audit and hence, the requirement to report on clause 3(x)(b) of the Order is not applicable to the Company.

(xi) a. Based upon the audit procedures performed and the information and explanations given by the management, no fraud by the Company and no fraud on the Company by its officers or employees has been noticed or reported during the year.

b. No report under sub-section (12) of section 143 of the 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. According to the information and explanations given to us, the Company has not received any whistle blower complaints during the year (and up to the date of this report), while determining the nature, timing and extent of our audit procedures.

(xii) In our opinion and according to the information and explanations given to us, the Company is not a Nidhi company. Accordingly, the provisions of Clause 3(xii) of the Order are not applicable to the Company.

(xiii) In our opinion and according to the information and explanations given to us and based on representation received from the Management of the Company, the Company is in compliance with Section 177 and 188 of the Companies Act, 2013 with respect to applicable transactions with the related parties and the details of related party transactions have been disclosed in the standalone financial statements at note 31 to the financial statements.

(xiv) In our opinion and based on our examination, given that the Company is a listed Company, appointment of internal auditor is required in accordance with Section 138 of the Companies Act, 2013. However, in the opinion of management the Internal Audit is not required due to the size & nature of business. Therefore, no internal audit is undertaken or report is made available to us for the year under audit.

(xv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with the directors, requiring compliance with Section 192 of the Companies Act.

(xvi) a. The Company is engaged in Investments and trading of shares and securities and other financial activities and meets the criteria specified under Section 45-IA of the Reserve Bank of India Act, 1934, requiring registration as a Non-Banking Financial Company (NBFC). However, the Company has not obtained such registration from the Reserve Bank of India.

b. According to the information and explanations given to us, 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)(b) of the Order is not applicable.

c. The Company is not a Core Investment Company as defined in the regulations made by Reserve Bank of India. Accordingly, the requirement to report on clause 3(xvi)(c) of the Order is not applicable to the Company.

d. There is no Core Investment Company as a part of the Group, hence, the requirement to report on clause 3(xvi)(d) of the Order is not applicable to the Company.

(xvii) In our opinion and according to the information and explanations given to us, the Company has incurred cash losses (before depreciation, provisions or other non-cash expenses) of INR 206.41 Lakhs during the financial year covered by our audit. There was no cash loss during the immediately preceding financial year.

(xviii) There has been no resignation of the statutory auditors of the Company during the year.

(xix) On the basis of the financial ratios, ageing and expected dates of realization 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) In our opinion and according to the information and explanations given to us, the company has not fall under the categories to spent amount under sub-section (5) of section 135 of the Act pursuant to any project. Accordingly, clauses 3(xx)(a) and 3(xx)(b) of the Order as it is not applicable.

(xxi) In our opinion and according to the information and explanations given to us, the company does not have any subsidiary, joint venture, associate companies or other entities for applicability of consolidated financial statements for the year ended 31 March 2025 and therefore, reporting under clause 3(xxi) of the Order is not applicable.

Annexure "B" to the Independent Auditors Report

(Referred to in paragraph 2(g) under Report on Other Legal and Regulatory Requirements section of our report to the Members of KHOOBSURAT 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 KHOOBSURAT LIMITED ("the Company") as of March 31, 2025 in conjunction with our audit of the standalone 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 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 Companies Act, 2013.

Auditors 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 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 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 internal financial controls system over financial reporting of the Company.

Meaning of Internal Financial Controls with reference to Standalone Ind AS financial statements

A Companys internal financial control with reference to these standalone Ind AS 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 with reference to financial statements includes those policies and procedures that

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

(B) provide reasonable assurance that transactions are recorded as necessary to permit preparation of standalone 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

(C) 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 standalone Ind AS financial statements.

Inherent Limitations of Internal Financial Controls with reference to Standalone Ind AS financial statements

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, adequate internal financial controls over financial reporting with reference to these standalone financial statements and such internal financial controls over financial reporting with reference to these standalone financial statements were operating effectively 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 S P M L & Associates
	Chartered Accountants
	ICAI Registration No. 136549W
	S/d-
Place: Mumbai	CA Govind Mandhania
Date: May 29, 2025	Partner
UDIN: 25183098BMJEKV6730	M. No. 183098