Kilitch Drugs (India) Ltd Auditor Reports

To,

TheMembers of

KILITCH DRUGS (INDIA) LIMITED

Report on the Audit of the Standalone Financial Statements

Opini?n

We have audited the accompanying Standalone Ind AS financial statements of Kilitch Drugs (India) Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2024 the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date, and a summary of the significant accounting policies and other explanatory information (hereinafter referred to as "Standalone financial statements").

In our opini?n and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the accounting principies generally accepted in India, of the state of affairs of the Company as at March 31,2024, the profit and total comprehensive income, changes in equity and its cash flows for the year ended on thatdate.

Basis for Opini?n

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the independence requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opini?n on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opini?n thereon, and we do not provide a sep?rate opini?n on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

Key Audit Matter	Auditors Response
1. Revenue Recognition [Export Sales]	Obtaining an understanding of an assessing the design, implementation and operating effectiveness of the Companys key internal Controls over revenue recognition process.
	•Testing a sample of contracts and testing the revenues recognised with respect thereto by agreeing information back to contract terms.
	•Testing the Controls over the sale data collated for the purpose of recognizing the revenue on sample basis.
	Assessing the adequacy of companys disclosure with respect to revenue recognised.
2. Trade Receivables	Our audit procedures to assess the appropriateness of Trade receivables disclosure and provisi?n against trade receivables included the Note 12 & Note 3 paragraph "H" of significant accounting policies.

Information Other than the Standalone Financial Statements and Auditors Report Thereon

The Companys Board of Directors is responsibleforthe preparation of the other ?nformation. The other information comprises the information included in the Management Discussion and Analysis. Business Responsibility Report, Corporate Governance and Shareholders Information, but does not inelude the standalone financial statements and our auditors report thereon. Our opini?n on the standalone financial statements does notcovertheotherinformation and we do not express any form of assurance conclusi?n thereon. In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other ?nformation is materially inconsistent with the standalone financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatementofthisother information, we are required to report that fact. We have nothing to report in this regard.

Managements Responsibility for the Standalone FinancialStatements

The Companys Board of Directors is responsibleforthe matters stated in section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fairview of the financial position, financial performance, total comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS and other accounting principies generally accepted in India. This responsibility also ineludes maintenance of adequate accounting records in accordance with the provisionsof the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial Controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentaron of the standalone financial statements that give a true and fair view and are free from material misstatement, whether dueto fraud or error.

In preparing the standalone financial statements, management is responsible for assessing the Companys ability to continu? 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 liqu?date the Company orto cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Companys financial report i ng process.

Auditors Responsibilities for the Audit of the Standalone FinancialStatements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that ?neludes our opini?n. 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 standalonefinancial 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 issufficient and appropriate to provide a basis for our opini?n. 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, ?ntentional omissions, misrepresentations, or the overrideof internal control.

• Obtain an understanding of internal financial Controls relevant to the audit in orderto design audit procedures that are appropriate in the circumstances. Undersection 14.3(31(1] of the Act, we are also responsible for expressing our opini?n on whether the Company has adequate internal financial Controls system in place and the operating effectivenessof such Controls.

• Evaluatethe appropriatenessof 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 continu? 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 opini?n. 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 continu? asa goingconcern.

• Eval?ate the overall presentaron, 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 mannerthat achievesfair presentation.

Materiality is the magnitude of misstatements in the standalone 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 lii] to eval?ate 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 statementthat we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationshipsand 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 preeludes 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 Legaland Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 ("the Order") issued by the Central Government of India in terms of section 143(11) of the Act, we give in the Annexure "A" a statement on the mattersspecified in paragraph3and4ofthe0rder.

2. As required under provisions of section 143:3] of the Act, we reportthat;

a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessaryforthe purposesofouraudit.

b. In ouropinion, proper booksofaccount as required by law have been kept by the Company so far as appears from ourexamination ofthosebooks.

c. he Balance Sheet, Statement of Profit and Loss including other comprehensive income, Cash Flow Statement and statement of changes in Equity dealt with by this report are in agreement with the books of account.

d. In our opini?n, the aforesaid financial statements comply with the accounting standards specified under section 133 of the Act.

e. On the basis of written representations received from the directors as on 31 st March, 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 control over financial reporting of the company and the operating effectiveness of such Controls, refer to our sep?rate Report in "Annexure B". Our report expresses an unmodified opini?n on the adequacy and operating effectiveness of the Companys internal financial Controls overfinancial reporting.

g. With respeettothe other matters to be included in the Auditors Report in accordance with the requirements of section 197 (16) of the Act, asamended:

In our opini?n 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 toany director is not in excess of the limit laid down under Section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other details under Section 197(16) of the Act which are required to be commented upon by us.

h. With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Compames (Audit and Auditors) Rules, 2014, in our opini?n and tothe bestofour information and according tothe exp?anations given to us:

i. The Company has disclosed the impact of the pending litigations on its financial position vide Note No. 38 to the standalone Ind ASfinancial statements.

?i. The Company did not have any long term contracts including derivative contracts that require provisi?n under any law or accounting standards for which there were any material foreseeable losses.

iii. There has been no delay in transferring amounts required to the Investor Education and Protection Fund bythe Company duringtheyear.

vi. (a) The management has represented that, to the best of its knowledge and belief, as disclosed in the notes to the accounts, no funds have been advanced or loaned or invested (either from borrowed funds or share premium orany othersources or kind of funds) by the Company to or in any other persons or entities, 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 ("Ult?mate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ult?mate Beneficiaries iRefer Note 51) to the financialstatements);

(b) The management has represented that, to the best of its knowledge and belief, as disclosed in the notes to the accounts. no funds have been received by the Company from any persons or entities, 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 ("Ult?mate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ult?mate Beneficiaries (Refer Note 51 to the financial statements); and

(c) Based on such audit procedures that we 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 (a) and (b] contain any material misstatement.

v. The Company has not declared or paid any dividend duringtheyear.

vi. Based on our examination which included test checks, the company has used 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 ?nstance of audit trail feature being tampered with.

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

For Suryaprakash Maurya & Co.

Chartered Accountants

Registraron No : 147410W

Suryaprakash Maurya

Membership No. : 178258

ICAI UDIN: 24178258BKCOGU1465

Place : Mumbai

Dated : 27th May, 2024

Annexure "A" referred to ?n paragraph 1 under the heading Report on other legal and regulatory requirementsof our reportofeven date

To the best of our information and according to the explanations provided to us by the Company and the books of account and records examined by us ?n the normal course ofaudit, we State that:

i. In respect of companys Property, Plant and Equipmentand Intangible Assets:-

la) :A)The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plantand Equipment.

IB) The Company has maintained proper records showing full particulars of intangible Assets.

lb) The Property, Plant and Equipment of the Company have been physically verified by the Management during the year and no material discrepantes have been noticed on such verification. In our opini?n, the frequencyof verification is rea sonable.

:c) The Title Deeds of ?mmovable properties are held in the ?ame of company.

ld) The Company has not revalued any of its Property, Plant and Equipment and intangible assets during the year.

le) No proceedings have been initiated during the year or are pending against the Company as at March 31, 2024for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 las amended in 2016) and rules madethereunder.

?i. (a) According to the information and explanations given to us, the inventories have been physically verified during the year by the management at year end. The company has maintained proper records of inventory and discrepantes noticed on physical verification of the inventory as compared to books record which has been properly dealt with in the books of account were not material.

Ib) The company has borrowingsfrom bankson the basis of security of current assets. The quarterly returns or statements of current assets filed by the company with banks are in agreement with the books of accounts.

iii. According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not provided a guarantee or security or granted any advances in the nature of loans, secured or unsecured to compames, firms, limited liability partnership or any other parties during the year. The Company has made investments and granted loans to companies, in respect of which the requisite information isas below:

(a) Based on the audit procedures carried on by us and as per the information and explanations given to us. the Company has provided loans to any other entity as below:

Particulars	Loans given IRs in lakhs)
Aggregate amount during theyear: Others	49.35
Balance outstanding as at balancesheetdate: Others	4,975.43

Ib) According to the information and explanations given to us and based on the audit procedures conducted by us, in our opini?n the investments made and the terms and conditions ofthe grant of loans during the yearare, prima facie, not prejudicial to the interest of the Company.

(c) According to the information and explanations given to us and on the basis of our examination ofthe records ofthe Company, loan given to Kilitch Estro Biotech PLC and Monarchy Healthserve Pr?vate Limited amounting to Rs 69.35 lakhs is repayable on demand. The interest on aforementioned loan given is payable on demand. As ?nformed to us, the Company has not demanded repayment of the loan and payment of interest during the year. Thus, there has been no default on the part of the partytowhom the money has been lent. Further, the Company has not given any advance in the nature of loan to anyparty duringtheyear.

(d)According to the information and explanations given to us and on the basis of our examination of the records of the Company, the loan given to Kilitch Estro Biotech PLC and Monarchy Healthserve Pr?vate Limited amounting to Rs 47.35 is repayable on demand. The interest on aforementioned loan given is payable on demand. As informed to us, the Company has not demanded repayment of the loan and payment of interest during the year. Thus, there is no overdue amount for more than ninety days ?n respect of loan given. Further, the Company has not given anyadvances in the nature of loans to anyparty during the year.

le] According to the information and explanations given to us and on the basis of our examination of the records of the Company, there is no loan or advance in the nature of loan grantedfalling due during the year, which has been renewed or extended orfresh loans granted to settle the overdues of existing loans given to same parties.

:f) According to the information and explanations given to us and on the basis of our examination of the records of the Company, in our opini?n 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 except for the following loans to its related party as defined in Clause (76) of Section 2 of the Companies Act, 2013 ("the Act):

Particulars	Related Parties (Rs in lakhs)
Aggregate of loans
- Repayableon demand	A]
4,975.43
- Agreement does not specify any terms or period of Repayment (B)	Nil
Total IA+B]	4,975.43
Percentageof loans	100%

iv. 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 provided any guarantee or security as specified under Section 185 and 186 of the Act. In respect of the investments made

and loan given by the Company, in our opini?n the provisions of Section 186 of the Act have been complied with.

v. According to the information and explanations given to us, the company has notaccepted any deposits with i n the meaning of provisions of section 73 to 76 or any other relevant provisions of the Act and rules framed hereunder. Therefore, provisions of Clause (v) of paragraph 3 of the Order are not applicable to the company.

vi. We have broadly reviewed the cost records maintained bythe Company pursuantto the Companies (Cost Accounting Records] Rules, 2014 prescribed by the Central Government under Sub Section (1] of Section 148 of the Act and are of the opini?n that, prima facie, the prescribed cost records have been maintained. We have, however, not made a detailed examination of the cost records with a view to determine whetherthey are accurate or complete.

vii. In respect ofStatutory dues :

a. According to the records of the Company, undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, GST, Service Tax, Duty of Customs, Duty of Excise, Valu? Added Tax, Cess and other material statutory dues which are applicable to the company, have been regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at March 31, 2024 for a period of more than six monthsfrom the date of becoming payable.

According to the information and explanations given to us and on the basis of our examination of the records of the Company, no undisputed amounts payable in respect of GST, Provident fund, Employees State Insurance, Income-Tax and other statutory dues were in arrea rs as at 31 March 2024 for a period of more than six monthsfrom the date they became payable.

b. The disputed statutory dues aggregating to Rs. 76.05 Lakh that have not been deposited on account of the matters pending before the appropriate authorities are asunder:

?ame of the Statute	Nature of Dues	Amount in Lakhs	Period to which the amount relates	Forum where the dispute is pending
Properly	Property	53.20	A.Y. 2020-2021	Supreme
Tax	Tax		A.Y. 2000-2001	Court
NMMC	CESS	22.85	A.Y. 20C1-2002	Supreme Court

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 underthe IncomeTax Act, 1961.

ix. (a] According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Companyhas notdefaulted in repayment of loans and borrowing or in the payment of interestthereon toany tender.

lb) 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 been declared a wilful defaulter by any bank or financial institution or government or government authority.

lc) In our opini?n and according to the information and explanations given to us by the management, term loans were applied for the purpose for which the loans were obtained.

ld) According to the information and explanations given to us and on an overall examination of the financi?is of the Company, we report that no funds raised on short- term basis have been used for long-term purposes by the Company.

le) According to the information and explanations given to us and on an overall examination of the financi?is of the Company, we report that the Company has not taken any fund from any entity or person on account of or to meet the obligations of its subsidiarles, associates or jointventure.

:f) According to the information and explanations given

to us and on an overall examination of the financi?is of the Company, we report that the Company has not taken loans during the yearon the pledge of securities held in subsidiaries, associates or jointventure.

x. (a) The Companyhas not raised any moneys by wayof initial public offer or further public offer (including debt instruments). Accordingly, clause 3(x)(aJ of the Order is notapplicable.

Ib) The company has made allotmentof fully paid equity shares pursuant to conversi?n of convertible share warrants issued on preferential basis to warrants holder during the year under review and the requirement of relevant provisions of The Companies Act, 2013 and SEBI regulations have been complied with, as regards thereto. According to the information and explanations given to us, the amounts so raised have prima-facie used forthe purposes for which these were raised.

x?. (a) Nofraud bythe Companyand no materialfraud on the Company has been noticed or reported during the year.

Ib) No report under sub-section (12) of section 14-3 of the Companies Act has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and upto the date ofthis report.

(c) No whistle-blower complaints have been received during the year by the Company. Accordingly, the reporting under clause 3(xi]? of the Order is not applicabletothe Company.

xii. In ouropinion.the Companyis nota Nidhi Company. Therefore, the provisions of clause (xii) of the Paragraph 3 of the Order are not applicable to the Company.

xiii. In our opini?n, 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 as required by the applicable accounting standards.

xiv. la] In our opini?n the Company has an adequate internal audit system commens?rate with the size and the nature of itsbusiness.

Ib] We have considered the internal audit reportsforthe year under audit, issued to the Company during the year and till date, in determining the nature, timing and extentof ouraudit procedures.

xv. In our opini?n during the year the Company has not entered into any non-cash transactions with its Directors or persons connected with its directors. Henee provisions of section 192 of the Companies Act, 2013 are not applicable to the Company.

xvi. (a] The Company is not required to be registered under Section 45-1A of the Reserve Bank of India Act, 1934. Accordingly, clause 3(xvi](a) of the Order is not applicable.

(b) The Company has not conducted non-banking financial / housing finance activities during the year. Accordingly. the reporting under clause 3lxvi](b] of the Orderis notapplicabletothe Company.

(c) The Company is not a Core Investment Company :CIC] as deflned in the regulations made by the Reserve Bank of India. Accordingly, clause 3(xvi)(c) of the Order isnotapplicable.

Id) The Company is not part of any group las per the provisions of the Core Investment Companies (Reserve Bank] Directions, 2016 as amended]. Accordingly, the requirementsof c?a use 3(xv?] Id] are notapplicable.

xvii. The Company has not incurred cash losses during the financial year covered by our audit and the immediately preceding flnancialyear.

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

xix. On the basis of the financial ratios, ageing and expected dates of realizaron of financial assets and payment of financial liabilities, other information accompanying the financial statements and our knowledge ofthe 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 isnot an assurance as to the future viability ofthe Company. We further State that our reporting is based on the faets up to the date of the audit report and we neither give any guarantee ?or 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 theyfalldue.

xx. In our opini?n and according to the information and explanations given to us, there is no unspent amount undersub-section :5] of Section 135oftheAct pursuant to any project. Accordingly. clauses 3lxx)(a] and 3lxx](b] ofthe Orderare notapplicable.

For Suryaprakash Maurya & Co.

Chartered Accountants

Registration No : 147410W

Suryaprakash Maurya

Membership No. : 178258

ICAI UDIN: 24178258BKC0GU1465

Place : Mumbai

Dated : 27th May. 2024

"Annexure B" referred to in paragraph 2 under the heading Report on other legal and regulatory requirementsofourreportofevendate

Report on the Internal Financial Controls under Clause (ij 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 Kilitch Drugs (India) Limited ("the Company") as of March 31,2024 in conjunction with our audit of the standalone Ind AS financial statements of the Companyfortheyearended on thatdate.

Managements Responsibility for Infernal 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 Infernal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountantsof India". These responsibilities include the design, implementation and maintenance of adequate internal financial Controls that were operating effectively for ensuring the orderly and efficient conductof 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 re? i a ble financial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opini?n on the Companys internal financial Controls over financial reporting based on our audit. We conducted ouraudit 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 Infernal 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 ?f 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 duetofraudor error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opini?n on the Companys internal financial Controls system overfinancial 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 re lia b i lity of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principies. A companys internal financial control over financial reporting ineludes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principies, and that receipts and expenditures of the company are being made only in

accordance with authorisations of management and directors of the company; and :3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companys assets that could have a material effect on the financialstatements.

Inherent Limitations of Infernal Financial Controls over Financial Reporting

Beca use 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 deteri?rate.

Opini?n

In our opini?n, 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 effectivelyasat 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".

For Suryaprakash Maurya & Co.

Chartered Accountants

Registration No : 147410W

Suryaprakash Maurya

Membership No. : 178258

ICAI UDIN: 24178258BKCOGU1465

Place : Mumbai

Dated : 27th May. 2024