Lloyds Enterprises Ltd Auditor Reports

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Lloyds Enterprises Ltd Share Price Auditors Report

To The Members Of M/s Lloyds Enterprises Limited

(FORMELY KNOWN AS SHREE GLOBAL TRADEFIN LTD)

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying Standalone Financial Statements of M/S Lloyds Enterprises Limited (FORMELY KNOWN AS SHREE GLOBAL TRADEFIN LTD )("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 Notes to the Standalone Financial Statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as "the Standalone Financial Statements").

In our opinion 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 Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31,2024, the Profit (including other comprehensive income), its changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards 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 ethical 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 ICAIs Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion 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 opinion thereon, and we do not provide a separate opinion on these matters.

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

Key Audit Matters How our audit addressed the key audit matter
1) Profit or Loss on Sale of Investments in Equity Instruments
(Refer Note 21 of the Standalone Financial Statements) With respect to the investment in the equity instruments, the company has opted to recognize the fair value in OCI, in accordance with Ind AS 109. Subsequently on sale, the company recognizes the profit or loss on the investments in equity instruments in the Statement of Profit and Loss. The amount of Profit on Sale of the investment in equity instruments for the current F.Y. 2023-24 is Rs. 1059.6 lakhs. Our audit procedures included and were not limited to the following:
• Tested the design, implementation and operating effectiveness of the controls established by the Company in the process of determination of fair value of the investments and the treatment of profit or loss on the sale of the investments in equity instruments.
• Verified the amount of sale proceeds of the investment in the equity instruments.
• Assessed the amount of the profit or loss on the sale to be taken to the Retained Earnings.
• We tested all the sale transactions by testing the underlying documents, viz., contract notes, holding statement.
• We challenged the managements treatment of the treating the profit or loss on sale of these investment in equity instruments in the Statement of Profit and Loss.
• We have also assessed the appropriateness of presentation of the profit or loss in the Standalone Financial Statements.
• Reviewed the disclosures made by the Company in the financial statements.

Information Other than the Financial Statements and Auditors Report Thereon

The Companys Board of Directors is responsible for preparation of the other information. The other information comprises the information included in the companys annual report but does not include the Standalone Financial Statements and our 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 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 Companies Act, 2013 ("the Act") with respect to the preparation of these 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 specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management 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.

The Companys Board of Directors is responsible for overseeing the Companys financial reporting process.

Auditors Responsibility for the Audit of the Standalone Financial Statements

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 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 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 control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial control 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 the Management.

• Conclude on the appropriateness of the 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.

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 ("the Order") issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Companies Act 2013, we give in the ‘Annexure B, a statement on the matters specified in paragraphs 3 and 4 of the Order.

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

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

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

c) The Company has no branch office and hence the company is not required to conduct audit under section 143 (8) of the Act;

d) The Balance Sheet, the Statement of Profit and Loss (including Other Comprehensive Income), the Cash flow statement, and the Statement of Changes in Equity dealt with by this Report are in agreement with the books of account;

e) In our opinion, the aforesaid Standalone Financial Statements comply with the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act, read with the Companies (Accounts) Rules, 2014;

f) On the basis of the written representations received from the directors as on 31st March 2024

taken on record by the Board of Directors, none of the directors are disqualified as on 31st March 2024 from being appointed as a director in terms of Section 164 (2) of the Act;

g) With respect to the adequacy of the internal financial

controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in "Annexure A". Our report expresses an unmodified opinion on the operating effectiveness of the Companys Internal Financial Controls over Financial Reporting; and

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

i. The Company has disclosed the impact of pending litigations on its financial position as per the Notes to the Financial Statement. (Refer Note 34 of the Standalone Financial Statement.)

ii. Based on the Information and explanations provided to us, the Company does not have any long-term contracts, including derivatives, for which provisions for material foreseeable losses need to be provided.

iii. The Company is not required to transfer any amount to the Investor Education and Protection Fund.

iv. a) The management has represented that,

to the best of its knowledge and belief, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

b) The management has represented that, to the best of its knowledge and belief, no funds have been received by the Company from any person or entity, including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or

indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

c) Based on the audit procedures performed 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) of the Companies (Audit and Auditors) Rules, 2014, as provided under (a) and (b) above, contain any material misstatement.

v. The final dividend proposed by the company during F.Y. 2022-23, declared and paid by the Company during F.Y. 2023-24 is in accordance with section 123 of the Companies Act, 2013 out of which Rs.10.29 Lakhs is unclaimed. As stated in Note 31 to the Standalone Financial Statements, the Board of Directors of the Company have proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend proposed is in accordance with section 123 of the Act.

vi. Based on our audit procedures, the Company has used accounting software for maintaining its books of accounts for the financial year ended 31st March, 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 audit trail feature being tampered with and the audit trail has been preserved by the company for record retention.

With respect to the other matters to be included in the Auditors Report in accordance with the requirements of section 197(16) of the Act, as amended, in our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 read with Schedule V of the Act.

For Todarwal and Todarwal LLP
Chartered Accountants
ICAI Reg. No.: W100231
Sd/-
Sunil Todarwal
Partner
M. No.: 032512
Dated: 3rd May 2024
Place: Mumbai
UDIN: 24032512BKHAWL9528

Annexure - A

To the Independent Auditors Report

(Referred to in paragraph 1 (g) under ‘Report on Other Legal and Regulatory Requirements section of our report of even date)

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

We have audited the internal financia! Controls over financia! reporting with reference to Standalone Ind AS Financial Statements of of M/s Lloyds Enterprises Limited (FORMELY KNOWN AS SHREE GLOBAL TRADEFIN LTD ) ("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 with reference to Standalone Financial Statements 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 (hereinafter referred to as "the Act").

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls with reference to Standalone Financial Statements 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") 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 with reference to Standalone Financial Statements. 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 with reference to Standalone Financial Statement established and maintained and whether such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial control system with reference to Standalone Financial Statement and their operating effectiveness. Our audit of internal financial controls with reference to Standalone Financial Statement included obtaining an understanding of internal financial controls with reference to Standalone Financial Statement, 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 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 with reference to Standalone Financial Statements.

Meaning of Internal Financial Control 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 with reference to Standalone Financial Statement 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, adequate internal financial controls with reference to Standalone Financial Statements and such internal financial controls were operating effectively as at 31st March, 2024, based on the internal financial controls with reference to Standalone Financial Statements 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 (the "Guidance Note").

For Todarwal & Todarwal LLP
Chartered Accountants
ICAI Reg. No.: W100231
Sd/-
Sunil Todarwal
Partner
M. No.: 032512
Date: 3rd May,2024
Place: Mumbai
UDIN: 24032512BKHAWL9528

Annexure - B

To the Independent Auditors

Report of even date on the Standalone Financial Statements of M/S Lloyds Enterprises

Limited (FORMELY KNOWN AS SHREE GLOBAL TRADEFIN LTD )

(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements section of our report of even date)

i. a) A. According to the information and explanation given to us and based on the records produced before us, we are

of the opinion that the Company is maintaining proper records showing full particulars including quantitative details.

B. According to the information and explanation given to us and based on the records produced before us, the company does not have any Intangible asset, hence the provision of this sub-clause is not applicable to the company.

b) According to the information and explanation given to us, the Property, Plant and Equipments were physically verified by the management at reasonable intervals and no material discrepancies were noticed on such verification

c) According to the information and explanation given to us and based on the records produced before us, the company does not possess any immovable property, hence the provision of this sub-clause is not applicable to the company.

d) According to the information and explanation given to us, the company has not revalued its Property, Plant and Equipment (including right-of-use assets). Hence, the provisions of this sub-clause are not applicable to the company.

e) According to the information and explanation given to us and based upon the records produced before us, no proceedings have been initiated or are pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder. Hence, the provisions of this sub-clause are not applicable to the company.

ii. a) According to the information and explanation given to us the based on the records produced before us, the inventory

has been physically verified by the management during the year. In our opinion the frequency of such verification is reasonable and adequate in relation to the size and the nature of business. No material discrepancies were found on such verification.

b) According to the information and explanation given to us, the company has not been sanctioned working capital limits in excess of five crore rupees, in aggregate, from banks or financial institutions on the basis of security of current assets at any point of time during the year. Accordingly, the provisions of this sub-clause are not applicable to the company.

iii. According to the information and explanation given to us, the company has made investment in a Limited Liability

Partnership firm. The company has also granted unsecured loans to companies. The details of the same are mentioned

below:

a) (A) & (B) The details of the advances given in nature of loans are as follows:

Loans Advances in nature of Loans Guarantees Security
Aggregate amount granted during F.Y. 2023-24 - - - -
Subsidiaries - - - -
Joint Ventures - - - -
Others 11,761.00 - - -
Outstanding Balance as on 31-03-2024 - - - -
Subsidiaries - - - -
Joint Ventures - - - -
Others 1,528.83 - - -

b) According to the information and explanation given to us, the investments made and the terms and conditions of the grant of all the above-mentioned loans are not prejudicial to the interests of the company.

c) According to the information and explanation given to us, and based on the records produced before us, all the repayments of principal and payment of interest are regular.

d) According to the information and explanation given to us, and based on the records produced before us, no amount of principal or interest as stipulated is overdue for more than 90 days.

e) According to the information and explanation given to us and based on the records produced before us, the loans granted has not fallen due during the year and hence has not been extended or renewed.

f) According to information and explanations given to us and based on the audit procedures performed, the Company has not granted an advance in the nature of loan either repayable on demand or without specifying any terms or period of repayment during the year.

iv. According to the information and explanation given to us, the company had made an investment in a company. This investment resulted in two other companies becoming step down subsidiaries of the company. However, the step-down subsidiary company has filed for a merger application. Pursuant to this merger application, there will be existence of only one step down subsidiary resulting from the investment made by the company. Thus, on approval of this merger by the NCLT, there will be no non-compliance of Section 186 of the Act. The provisions of section 185 are not applicable to the company.

v. According to the information and explanation given to us, the Company has not accepted any deposits within the meaning of Section 73 to 76 of the Act and the rules framed there under.

vi. The companys turnover of the immediately preceding financial year is well within the limits laid down in section 148 of the Companies Act, 2013 and hence, the maintenance of cost records is not applicable to the company.

vii. a) According to the information and explanations given to us and on the basis of our examination of the records of the

Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including Provident fund, Employees State Insurance, Income-tax, Goods and Services tax, Cess and other material statutory dues have generally been regularly deposited during the year by the Company with the appropriate authorities.

According to the information and explanations given to us, no undisputed amounts payable in respect of Provident fund, Employees State Insurance, Income- tax, Goods and Services tax, Cess and other material statutory dues were in arrears as at 31st March, 2024, for a period of more than six months from the date they became payable.

b) According to the information and explanation given to us and the record produced before us, certain disputed amounts are payable in case of Provident fund, Employees State Insurance, Income-tax, Goods and Services tax, duty of Customs, Cess and other material statutory dues.

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

Statement of Disputed Dues:

Name of the Statute Nature of the Dues Amount Period to which the amount relates Forum where dispute is pending
Income Tax Act,1961 Income Tax 61.29 A.Y.2009-10 Commissioner of Income Tax (Appeals)
Income Tax Act,1961 Income Tax 105.46 A.Y.2010-11 Commissioner of Income Tax (Appeals)
Income Tax Act,1961 Income Tax 5.64 A.Y.2013-14 Commissioner of Income Tax (Appeals)
Income Tax Act,1961 Income Tax 19.58 A.Y.2014-15 Commissioner of Income Tax (Appeals)
Income Tax Act,1961 Income Tax 719.96 A.Y.2015-16 Commissioner of Income Tax (Appeals)
Income Tax Act,1961 Income Tax 805.04 A.Y.2016-17 Commissioner of Income Tax (Appeals)
Income Tax Act,1961 Income Tax 337.05 A.Y.2017-18 Commissioner of Income Tax (Appeals)
Income Tax Act,1961 Income Tax 1,018.89 A.Y.2018-19 Commissioner of Income Tax (Appeals)
Total 3,072.91

viii. There was no previously unrecorded income in the books of accounts as per the tax assessment under the Income Tax Act, 1961. Hence, the provisions of this sub-clause are not applicable.

ix. a) According to the information and explanation given to us and based on the records provided to us, the company has

not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender during the year.

b) According to the information and explanation given to us and based on the examination of the records of the company, the company is not declared willful defaulter by any bank or financial institution or other lender.

c) According to the information and explanations given to us by the management, the Company has not obtained any term loans during the year. Hence the provision of the sub-clause 3(ix)(c) of the Order is not applicable.

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

e) According to the information and explanations given to us and on an overall examination of the standalone financial statements of the Company, we report that the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries, associates or joint ventures as defined under the Act, hence the provisions of this sub clause are not applicable.

f) According to the information and explanation given to us, the company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies.

x. a) According to the information and explanation given to us and the record produced before us, the company has not

raised moneys by way of initial public offer or further public offer (including debt instruments) or by way of any term loan during the year. Hence, the provisions of this sub-clause are not applicable to the company.

b) According to the information and explanation given to us, the company has not made any preferential allotment or private placement of shares or convertible debentures (fully or partly or optionally) of shares during the year. Hence, the provisions of this sub-clause are not applicable to the company.

xi. a) During the course of our examination of the books of account carried in accordance with the generally accepted

auditing standards in India, we have neither come across any instance of fraud on or by the Company by its officers or employees, either noticed or reported during the year, nor have we been informed of such case by the Management.

b) According to the information and explanation given to us and based on the records produced before us, no report under sub-section (12) of section 143 of the Companies Act has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and upto the date of this report.

c) According to the information and explanation given to us and based on the records produced before us, no complaints of the whistle-blower have been neither received by the company nor by us during the year.

xii. The Company is not a Nidhi Company hence reporting under clause (xii) of the Order is not applicable.

xiii. According to the information and explanation given to us and the record produced before us, all transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the Standalone Financial Statements, as required by the applicable Accounting Standards.

xiv. a. According to the information and explanation given to us, the company has an internal audit system commensurate

with the size and nature of its business.

b. According to the information and explanation given to us, the reports of the Internal Auditors for the period under audit were considered by the statutory auditor.

xv. According to the information and explanations provided to us, the Company has not entered into any non-cash transactions with its directors or persons connected with its directors and hence requirement to report on clause 3(xv) of the Order is not applicable to the Company.

xvi. The company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, reporting clause 3(xvi) of the order is not applicable to the company.

xvii. According to the information and explanation given to us and based on the records produced before us, the company has not incurred cash losses during F.Y. 2023-24 and in immediately preceding Financial Year.

xviii. There has been no resignation of the statutory auditors during the year. Accordingly, clause 3(xviii) of the Order is not applicable to the company.

xix. On the basis of the financial ratios, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying the financial statements, the auditors knowledge of the Board of Directors and management plans, we are of the opinion that no material uncertainty exists regarding companys capability of meeting its liabilities payable within a period of one year from the balance sheet date, as and when they fall due. 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. The Company has fully spent the required amount towards Corporate Social responsibility (CSR) and there are no unspent CSR amounts for the year requiring a transfer to a fund specified in Schedule VII of the Act or special account in compliance with the provision of sub-section (6) of section 135 of the said Act. Accordingly, reporting under clause 3(xx) of the Order is not applicable for the year.

xxi. Since the provisions of this sub-clause are applicable to the Consolidated Financial Statements, reporting under this sub-clause is not applicable.

For Todarwal & Todarwal LLP
Chartered Accountants
ICAI Reg. No.: W100231
Sd/-
Sunil Todarwal
Partner
M. No.: 032512
Date: 3rd May 2024
Place: Mumbai
UDIN: 24032512BKHAWL9528

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  • No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account."

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RISK DISCLOSURE ON DERIVATIVES
  • 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
  • On an average, loss makers registered net trading loss close to Rs. 50,000.
  • Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
  • Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.
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