Lahoti Overseas Ltd Auditor Reports

To the Members of Lahoti Overseas Limited

Report on the Audit of the Standalone Ind AS Financial Statements

Opinion

We have audited the standalone financial statements of Lahoti Overseas Limited (“the Company”), which comprise the Balance Sheet as at 31st March, 2024, the Statement of Profit and Loss (including Other Comprehensive Income), Statement of changes in equity, Statement of Cash Flows for the year then ended and notes to the standalone Ind AS financial statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as “the standalone Ind AS financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards (“Ind AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024, and profit ( including other 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 Companies Act, 2013 and IND AS. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Ind AS 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 Ind AS financial statements under the provisions of the Companies Act, 2013 and the Rules 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 opinion on the financial statements.

Key Audit Matters

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

Description of Key Audit Matter
Sr No The Key Audit Matter	How the matter was addressed in our audit
1. Revenue Recognition:	Our audit procedures included:
Solar Plant: The PPA (purchase power agreement) between the Company and Jodhpur Vidyut Vitran Nigam Ltd (Jodhpur Discom) for the solar power plant at Pali District, had expired on 31/03/2019. Since the conditions as laid down in Ind AS 115-“Revenue Recognition” were not fulfilled, the company had not recognised the revenue for FY 2021-22 and FY 2022-23.	a) Assessing the appropriateness of the revenue recognition accounting policies, including those relating to discounts, rebates and incentives by comparing with applicable accounting standards.
The supplementary PPA is renewed in FY 202324 dated 04/09/2023, therefore the company has decided to recognise revenue for FY 2021-22, 2022-23 and 2023-24.	b) Testing the design, implementation and operating effectiveness of the Companys general IT controls over the Companys systems and manual controls which govern recording of revenue and discounts, rebates and incentives in the general ledger accounting system.
	c) Performing substantive testing by selecting samples of revenue transactions recorded during the year by verifying the underlying documents, which included sales invoices/contracts and shipping documents.
	d) Assessing manual journals posted to revenue to identify unusual items.

Information other than the Financial Statement and Auditors Report Thereon

The Companys Management and Board of Directors is responsible for the other information. The other information comprises Boards Report, Report on Corporate governance but does not include standalone financial statements and auditors report thereon. Our opinion on the standalone 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 standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information 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 misstatement of this

other information; we are required to report that fact. We have nothing to report in this regard.

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

The Companys Management And Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these standalone Ind AS financial statements that give a true and fair view of the financial position, financial performance, 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 read with relevant rules issued thereunder. 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 Ind AS financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Ind AS financial statements, management 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 management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the companys financial reporting process.

Auditors Responsibilities for the Audit of the Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the 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 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 ofmaterial 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 control.

• Obtain an understanding ofinternal 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 standalone financial statements 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 report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the 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..

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.

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 (“the order,,), issued by the central Government of lndia in terms of sub-section (11) of section 143 other companies Act, 2013, we give in the “Annexure A”, statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent 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 of the aforesaid standalone financial statement.

b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid standalone financial statement 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, the standalone Statement of Cash Flows and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account maintained for the purpose of preparation of the standalone financial statement.

d) In our opinion, the aforesaid standalone 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 of the Holding Company and its subsidiary as on 31st March, 2024 taken on record by the Board of Directors of respective Companies, none of the directors is disqualified as on 31st March, 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 Holding Company and its subsidiary company incorporated in India and the operating effectiveness of such controls, refer to our separate Report in “Annexure B”.

3. 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.

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

i. The standalone financial statement disclose the impact of pending litigations as at 31st March, 2024 on its financial position of the Group;

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

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 respective Managements of the Company and its subsidiaries which are companies incorporated in India, whose financial statements have been audited under the Act, have represented to us that, to the best of their 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 or any of such subsidiaries 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, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company or any of such subsidiaries (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

b) The respective Managements of the Company and its subsidiaries which are companies incorporated in India, whose financial statements have been audited under the Act, have represented to us that, to the best of their knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company or any of such subsidiaries from any person or entity, including foreign entity (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company or any of such subsidiaries shall, 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.

c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances performed by us on the Company and its subsidiaries which are companies incorporated in India whose financial statements have been audited under the Act, 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.

d) The dividend declared or paid during the year by the Company is in compliance with section 123 of the Act.

5. With respect to the matters specified in paragraphs 3(xxi) and 4 of the Companies (Auditors Report) Order, 2020 (the “Order”/ “CARO”) issued by the Central Government in terms of Section 143(11) of the Act, to be included in the Auditors report, according to the information and explanations given to us, and based on the CARO reports issued by us for the Company and its subsidiaries included in the financial statements of the Company, to which reporting under CARO is applicable, we report that there are no qualifications or adverse remarks in these CARO reports.

6. Based on our examination, which included test checks, the Company has used accounting software for maintaining its books of account for the financial year ended March 31, 2024, which has a feature of recording audit trail (edit log) facility, and the same has operated throughout the year for all relevant transactions recorded in the software. Further, during the course of our audit we did not come across any instance of the audit trail feature being tampered with..

For and on behalf of

P C Ghadiali and Co LLP

Chartered Accountants

Firm No. 103132W/W-100037

Sd/-

Pannkaj C Ghadiali

Managing Partner

Membership Number: 031745

UDIN No. 24031745BKDZTI6353

Place: Mumbai

Date: May 28, 2024

Annexure - A to the Independent Auditors Report

The Annexure referred to in Independent Auditors

Report to the members of the Company on the standalone Ind AS financial statements for the year ended 31st March 2024, we report that:

i. In respect of Companys Property, Plant & Equipment:

a.

(A) In our opinion, the Company has maintained proper records showing full particulars including quantitative details and situation of Property, Plant and Equipment

(B) According to the information and explanations give to us and based on our examination of the records of the Company, the company does not own any intangible assets. Accordingly, para (i)(a) (B) of the Order is not applicable..

b. As explained to us, physical verification of Property, Plant and Equipment is being conducted in a phased programme by the management designed to cover all the assets at reasonable intervals, which in our opinion is reasonable having regard to the size of the Company and the nature of assets. 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 on the basis of our examination of the records of the Company, the title deeds of all immovable properties owned by the Company are held in the name of the Company.

d. The Company was not required to revalue its Property, Plant and Equipment during the FY 2023-24, Accordingly, para (i)(c) the Order is not applicable.

e. According to the information and explanations give to us and based on our examination of the records of the Company, no proceedings have been initiated or are pending against the company for holding any property under the Benami Transactions (Prohibition) Act, 1988 and rules made thereunder, Accordingly, para (i)(e) to the Order is not applicable

ii. a. As explained to us by the management, inventories purchased by the Company are directly dispatched from the premises of the supplier to the place of export or the buyers premises. Due to the specialized nature of the business it is not possible to physically verify the inventories. The stock as on the balance sheet date is either in transit or at the premises of the supplier.

b. During the F.Y. 2023-24 the company has been sanctioned working capital limits exceeding Rs. 5 crore in aggregate, from banks or financial institutions on the basis hypothecation of stock and book debts. In this regards, subject to reconciliation statements prepared by the Company, provided in Note No. 33 of the Standalone Financial Statements, stock statements filed by the company with the banks and financial institutions are in agreement with the books of accounts of the Company

iii. In our opinion and according to the information and explanations given to us, the Company has not granted any loans, secured or unsecured, to any companies, firms, Limited Liability Partnerships or other parties as covered in the register maintained under Section 189 of the Act. Accordingly, para 3 of the order is not applicable.

iv. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Act, with respect to loans, investments and guarantees made.

v. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposit within the meaning of Section 73 to 76 of the Act and the rules framed thereunder. In the case of amounts which are deemed to be deposits the company has complied with the directives issued by the Reserve Bank of India and the provision of section 73 to 76 or any other provisions of the Companies Act and the rules made thereunder

vi. The Central Government has not prescribed the maintenance of cost records under section 148(1) of the Act, for any of the services rendered by the Company

vii.

a. According to the records of the Company and the information and explanations given to us, the Company has been regularly depositing with the appropriate authorities undisputed statutory dues including Provident Fund, Employees State Insurance, Income tax, Sales-Tax, Duty of Customs, Duty of Excise, Value added Tax, Goods and Service Tax, cess and any other statutory dues applicable to it. There are no undisputed statutory dues as referred to above as at 31st March, 2024 outstanding for a period of more than six months from the date they become payable

b. b. According to the information and explanations given to us, the dues in respect of Sales Tax, Duty of Customs, Excise Duty and Goods and Service Tax is not pending. Dues in respect of Income Tax that have not been deposited with the appropriate authority on account of dispute and the forum where the disputes are pending are given below:

Name of Statue	Nature of Dues	Amount (Rupees Rs. in lakhs)	Period to which the amount relates (Previous years)	Forum where the dispute is pending
Income Tax Act	Income Tax (including Interest)	51.31	2012-13	CIT (Appeals)
		92.90	2013-14	CIT (Appeals)
		334.92	2016-17	CIT (Appeals)
		258.84	2020-21	CIT (Appeals)

viii.. Based on our audit procedures and according

to the information and explanations given by the management, there are no such transactions which were earlier not recorded in the books of accounts and have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).

ix.

a. Based on our audit procedures and according to the information and explanations given by the management, the Company has not defaulted in repayment of loans from bank. Further as per the records of the Company, during the year there were no loans or borrowings from any financial institution, government or debenture holders.

b. Based on our audit procedures and according to the information and explanations given by the management the company has not been declared as a willful defaulter by any bank of financial institutions.

c. In our opinion and according to the information and the explanation given to us, the Company has not raised any term loans.

d. Based on our audit procedures and according to the information and explanations given by the management, the short term funds raised by the company have not been used for its long term purposes.

e. Based on our audit procedures and according to the information and explanations given by the management, the company has not taken any funds from aby entity or person on account of or to meet the obligations of its subsidiaries, associates companies.

f. Based on our audit procedures and according to the information and explanations given by the management, the company has not raised any loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies.

a. Based on our audit procedures and according to the information and explanations given by the management, the company has not raised any money by way of initial public offer or further public offer (including debt instruments) during the year. Accordingly, para 3(x)(a) of the Order is not applicable.

b. Based on our audit procedures and according to the information and explanations given by the management, the company has not made any preferential allotment or private placement of shares or convertible debentures during the year. Hence para 3(x)(b) of the Order is not applicable

xi. Based upon the audit procedures performed and to the best of our knowledge and belief and according to the information and explanations given to us no fraud on the company has been noticed or reported during the year. We have nothing to report in para 3(xi) of the Order.

xii. xii. Based upon the audit procedures performed and to the best of our knowledge and belief and according to the information and explanations given to us the Company is not a Nidhi company. Accordingly, para 3(xii) of the Order is not applicable.

xiii. According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable Indian Accounting Standards.

xiv. a. According to the information and explanations given to us and based on our examination of the records of the Company, the company has an internal audit system which is commensurate with the size and nature of its business.

b. The report of the internal auditors of the period under consideration have been considered by us at the time of drawing an opinion on the financial statements of the Company

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 him. Accordingly, paragraph 3(xv) of the Order is not applicable.

xvi. The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934. Accordingly, para 3(xvi) of the Order is not applicable

xvii. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not incurred any cash losses during the financial year and in the immediately preceding financial year.

xviii. According to the information and the explanations given to us and based on our examination of the records of the Company, there has been no resignation by the statutory auditor of the Company during the period under consideration. Accordingly, para 3(xviii) of the Order is not applicable.

xxi. Our opinions are drawn on the standalone financial statements of the Company and its state of affairs as at 31st March, 2024. Accordingly any reporting as required under para 3(xxi) of the Order is not applicable

For and on behalf of P C Ghadiali and Co LLP Chartered Accountants Firm No. 103132W/W-100037

Pannkaj C Ghadiali

Managing Partner Membership Number: 031745 UDIN No. 24031745BKDZTI6353

xix. According to the information and explanations given to us and on the basis of the financial ratios, ageing and expected dated of realization of financial assets and the payment of financial liabilities, other information accompanying the financial statements, our knowledge of the Board of Directors and the management plans, we are of the opinion that no material uncertainty exists as on the date of the audit report that the company is capable of meeting its liabilities existing as at the balance sheet date as and when they fall due within a period of 1 year from the balance sheet date.

xx. According to the information and explanation given to us and based on our examination of books of accounts and other documents, no amounts unspent under sub-section (5) of section 135 of the Act, pursuant to on-going projects, has been transferred to special account is compliance with the provisions of sub-section (6) of Section 135 of the Act.

A

Place:	Mumbai
Date:	May 28, 2024

Annexure - B to the Independent Auditors Report

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 Lahoti Overseas Limited (“the Company”) as of 31st March, 2024 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 (‘ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to 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 judgment, including the assessment of the risks of material misstatement of the standalone 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 systems with reference to Standalone Financial Statements.

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 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 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 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, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an internal financial controls with reference to financial statements as at 31st March, 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 and on behalf of P C Ghadiali and Co LLP

Chartered Accountants Firm No. 103132W/W-100037

Pannkaj C Ghadiali

Managing Partner Membership Number: 031745 UDIN No. 23031745BGXVMN9183

Place:	Mumbai
Date:	May 28, 2024