Macpower CNC Machines Ltd Auditor Reports

To The Members of Macpower CNC Machines Limited

Opinion

We have audited the accompanying standalone Ind AS Financial Statements of Macpower CNC Machines Limited(“the Company”), which comprises the Balance Sheet as at 31st March 2025, the statement of Pro t & Loss (including statement of Other We have audited the accompanying standalone Ind AS Financial Statements of Macpower CNC Machines Limited(“the Company”), which comprises the Balance Sheet as at 31st March 2025, the statement of Pro t & Loss (including statement of Other Comprehensive Income), the Cash Flow Statements and the Statement of Changes in Equity for the year then ended, and notes to the nancial statements, including a material accounting policy information and other explanatory information, (herein after referred to as “the standalone Ind AS Financial Statement”)

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 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 31st March, 2025, the Pro t and other comprehensive Income, changes in equity and its cash ows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone Ind AS nancial statements in accordance with the Standards on Auditing, as speci ed 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 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 together with the ethical requirements that are relevant to our audit of the nancial statements under the provisions of the act and rules there under, and we have ful lled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is suf cient and appropriate to provide a basis for our audit opinion on the standalone Ind AS nancial statements.

Emphasis of Matter

We draw attention to note no. 39 of the nancial statements, which describes the loss due to a re incident that occurred at the companys godown during the year. The company has recognized the loss in the nancial statements and has also disclosed the related insurance claim under process. Our opinion is not modi ed in respect of this matter.

Key Audit Matter	Response to Key Audit Matter
Revenue recognition.
As disclosed in note 2.3 Revenue in respect of sale of goods is recognized when control of the products being sold is transferred to our customer and measured at contracted price, after deduction of any trade discounts, and any taxes or duties collected on behalf of the Government such as goods and services tax, etc.	We assessed the Companys process to identify the impact of adoption of the revenue accounting standard.
The application of the revenue accounting standard involves certain key judgements relating to identi cation of distinct performance obligations, determination of transaction price of the identi ed performance obligations, the appropriateness of the basis used to measure revenue recognized over a period. Additionally, revenue accounting standard contains disclosures which involves collation of information in respect of disaggregated revenue and periods over which the remaining performance obligations will be satis ed subsequent to the balance sheet date.	Our audit approach consisted testing of the design and operating effectiveness of the internal controls and substantive testing as follows:
Based on above, revenue recognition has been considered as a key audit matter for the current years audit.	Evaluated the design of internal controls relating to implementation of the revenue accounting standard.
	It is observed that in majority of the cases, transaction price is charged at ex- works price and revenue is booked at the time of dispatch of the goods.
	The above method followed by the company is in line the provisions of Ind AS 115 - ‘Revenue from contracts with customers
Contingent liabilities relating to taxation, litigations and claims (refer Note 32)	Our audit procedures included:
The contingent liabilities relate to ongoing litigations and claims with various authorities and third parties. These relate to direct tax, indirect tax, transfer pricing arrangements, claims, general legal proceedings, environmental issues and other eventualities arising in the regular course of business.	Understanding the process followed by the Company for assessment and determination of the amount of contingent liabilities relating to taxation, litigations and claims.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most signi cance in our audit of the standalone nancial statements for the nancial year ended 31st March, 2025. These matters were addressed in the context of our audit of the standalone nancial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

The determination of contingent liability requires signi cant judgement by the Company because of the inherent complexity in estimating future costs. The contingent liabilities are subject to changes in the outcomes of litigations and claims and the positions taken by the Company. It involves signi cant judgement and estimation to determine the likelihood and timing of the cash out ows and interpretations of the legal aspects, tax legislations and judgements previously made by authorities.		-Evaluating the design and implementation and testing operating effectiveness of key internal controls around the recognition and measurement of re-assessment of contingent liabilities.
Based on above, Contingent Liability has been considered as a key audit matter for the current years audit.	-Involving our tax professionals with specialized skills and knowledge to assist in the assessment of the value of signi cant contingent liabilities relating to taxation matter, on sample basis, in light of the nature of the exposures, applicable regulations and related correspondence with the authorities.
	-Inquiring the status in respect of signi cant contingent liabilities with the Companys internal tax and legal team, including challenging the assumptions and critical judgements made by the Company which impacted the computation of the provisions and inspecting the computation.
	-Assessing the assumptions used and estimates of outcome and nancial effect, including considering judgement of the Company, supplemented by experience of similar decisions previously made by the authorities and, in some cases, relevant opinions given by the Companys advisors.
	-Testing data used to develop the estimate for completeness and accuracy.
	-Evaluating judgements made by the Company by comparing the estimates of prior year to the actual outcome.
	-Evaluating the Companys disclosures in the standalone nancial statements in respect of provisions and contingent liabilities

Information Other than Financial Statements and Auditors Report Thereon

The companys board of directors and management is responsible for the preparation of the other information. The other information comprises the information included in Management discussion and analysis, Boards report including Annexure to boards report, corporate governance and shareholders information, but doesnt include standalone nancial statements and our auditors report thereon.

Our opinion on standalone nancial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of standalone nancial statement, our responsibility is to read the other information and in doing so, consider whether the other information is materially inconsistent with the standalone nancial statement 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 Standalone IND AS

Financial Statement

The Companys Management and Board of Directors are responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone nancial statements that give a true and fair view of the state of affairs, pro t/loss and other comprehensive income, changes in equity and cash ows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) speci ed 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 nancial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone nancial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone nancial statements, the Management and Board of Directors are responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

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

Auditors Responsibilities for the Audit of the Standalone Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone nancial 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 in uence the economic decisions of users taken on the basis of these standalone nancial 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 nancial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is suf cient 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 nancial controls 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 nancial controls system in place and the operating effectiveness of such controls.

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

Conclude on the appropriateness of managements and board of directors use of the going concern basis of accounting in preparation of standalone nancial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast signi cant 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 nancial 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 nancial statements, including the disclosures, and whether the standalone nancial 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 signi cant audit ndings, including any signi cant de ciencies 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 signi cance in the audit of the standalone nancial statements of the current year 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 bene ts 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 Act, we give in the “Annexure A” a statement on the matters speci ed in the paragraph 3 and 4 of the Order, to the extent applicable.

2. As required by section 143(3) of the Act, based on our audit 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 Standalone Balance Sheet, the Standalone Statement of Pro t and Loss (including Other Comprehensive Income), the Standalone Statement of Cash Flows and the Standalone Statement of Changes in Equity dealt with by this Report are in agreement with the books of account;

(d)In our opinion, the aforesaid Standalone Financial Statements comply with the Indian Accounting Standards speci ed under Section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended;

(e) On the basis of the written representations received from the directors as on 31st March, 2025 and taken on record by the Board of Directors, none of the directors is disquali ed as on 31st March, 2025 from being appointed as a director in terms of Section 164(2) of the Act;

(f) With respect to the adequacy of the internal nancial controls with reference to nancial statements of the Company and the operating effectiveness of such controls, refer to our separate report in “Annexure B”; Our report expresses an unmodi ed opinion on the adequacy and operating effectiveness of the Companys internal nancial controls with reference to nancial statements.

(g) 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: A. The Company has disclosed the impact of pending litigations on its nancial position in its nancial statements. Refer Note 32 to the standalone nancial statements;

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

C. There have been no delays in transferring the amounts, required to be transferred to the Investor Education and Protection Fund by the Company.

D. (I) The Management of the Company 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 identi ed in any manner whatsoever by or on behalf of the company ("Ultimate Bene ciaries") or provide any guarantee, security or the like on behalf of the Ultimate Bene ciaries;

(ii) The Management of the Company has represented that, that, to the best of its knowledge and belief, no funds have been received by the Company from any person(s) or entity(ies), 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 identi ed in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Bene ciaries") or provide any guarantee, security or the like on behalf of the Ultimate Bene ciaries; and

(iii) Based on such audit procedures that we have considered reasonable and appropriate in the circumstances; nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) above contain any material mis-statement.

E. The dividend declared or paid during the year by the Company is in compliance with Section 123 of the Act

F. Based on our examination which included test checks, the company has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software. Further, during the course of our audit we did not come across any instance of the audit trail feature being tampered with and the audit trail has been preserved by the Company as per the statutory requirements for record retention.

3. With respect to the 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 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 limit laid down under section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other details under section 197 (16) which are required to be commented upon by us.

For S. C. Makhecha and Associates

Chartered Accountants FRNo.120184W

Jay R. Khara Partner M. No. 182933 Date: 29/05/2025 Place: Rajkot

UDIN : 25182933BMITNC8592

ANNEXURE(A) REFERRED TO IN PARAGRAPH 1 OF INDEPENDENT AUDITORS REPORT OF EVEN DATE TO THE MEMBERS OF MACPOWER CNC MACHINES LIMITED ON THE FINANCIAL STATEMENTS OF THE COMPANY FOR THE YEAR ENDED 31ST MARCH, 2025.

In terms of Companies (Auditors Report) Order 2020, issued by the Central Government of India, in terms of section 143(11) of The Companies Act, 2013, we further report, on the matters speci ed in paragraph 3 and 4 of the said Order, that: -

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

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

(i) (b) The company has program of physical veri cation of Property, Plant and Equipment by management in a phased manner at reasonable intervals so as to cover all items over a period of 3 years which in our opinion is reasonable considering the size of the company and nature of its assets. Pursuant to the program, some of the Property, Plant and Equipment were physically veri ed by the management during the year and no material discrepancies were noticed on such veri cation when compared to the book gures.

(i) (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 immovable properties disclosed in the nancial statements are held in the name of the company (Other than immovable properties where the company is the lessee and the lease agreements are duly executed in favour of the lessee).

(i) (d) The company has not revalued its Property, Plant & Equipment or Intangible assets or both during the year. Accordingly clause 3(i)(d) of the order is not applicable

(i) (e) No proceedings have been initiated during the year or are pending against the Company as at 31st March 2025, for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) as (amended in 2016) and rules thereunder.

(ii) (a) The Company has divided & classi ed inventory into A, B & C category depending upon its value. A & B category consists of almost 80% of the total Inventory Value & the same have been physically veri ed during the year by the Store Manager at reasonable intervals. In our opinion, the coverage and procedure by the management is appropriate. During physical veri cation no material discrepancies noticed.

(ii) (b) According to the information and explanations given to us and the records produced to us for our veri cation, the company has been sanctioned working capital limit in excess of ve crore rupees, in aggregate from bank or nancial institution on the basis of security of current assets and the quaterly returns led by the company with such bank or nancial institution are in agreement with the books of account except in below cases:

Quarter ended on	Par culars	Amount as per Books	Amount reported in quarterly return	Di erence	Reason
Jun.24	Inventories	10,265.77	10,212.28	53.49	Statements are being led with bankers on the basis of provisional
Sep.24	and Trade Receivables	10,748.98	10,527.12	221.86	gures since the nal gures are made available at a later date.
Mar.25		10,879.40	10,822.34	57.06

(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 made any investments, provided guarantee or security or granted any advances in the nature of loans, secured or unsecured, to companies, rms, limited liability partnerships or any other parties during the year as such provisions of clause iii(a) to iii(f) are not applicable to the company.

(iv) In our opinion and 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 given any loans or guarantees, made any investments within the meaning of sections 185 & 186 of The Companies Act, 2013.

(v) In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from the public in terms of Section 73 to 76 or any other relevant provisions of the Companies Act,2013.

(vi) In our opinion and according to the information & explanations given to us and on the basis of our examination of record, Company has maintained cost records as prescribe under section 148(1) of the Act for the noti ed products.

(vii) a The amounts deducted/accrued in the books of account in respect of undisputed statutory dues including Provident Fund, Employee State Insurance, Income-Tax, Sales Tax/Value added Tax, Goods and Services Tax, Excise Duty, Duty of Customs, cess and other material statutory dues have been deposited regularly during the year by the Company with the appropriate authorities.

(vii) b There is were no undisputed amounts payable in respect of aforesaid dues were outstanding as on 31 March 2025 for a period of more than six months from the date of become payable.

(vii) c There were no statutory dues of Provident Fund, Employee State Insurance and wealth Tax which have not been deposited with the appropriate authorities on account of any dispute.

(viii) There were no transactions relating to previously unrecorded income that were surrendered or disclosed as income in the tax assessments under the Income Tax Act, 1961 (43 of 1961) during the year. Accordingly, clause 3(viii) of the Order is not applicable to the Company.

(ix) (a) In our opinion, the company has not defaulted in any repayment of loans or other borrowings or interest to any lender.

(ix) (b) The company has not been declared as a wilful defaulter by any bank or nancial institution or other lender.

(ix) (c) To the best of our knowledge and belief, in our opinion, term loans availed by the Company were applied by the Company during the year for the purposes for which the loans were obtained.

(ix) (d) According to the information and explanations given to us and on the basis of our examination of the records of the company, the funds raised on a short term basis have not been utilised for long term purposes.

(ix) (e) 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 taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries, associates or joint ventures.

(ix) (f) Company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies.

(x)(a) The company has not made any initial public offer or furthur public offer during the year.

(x)(b) The company has not made any preferential allotment or private placement of shares/debentures during the year.

(xi)(a) Based on examination of the books and records of the company and according to the information and explanation given to us, considering the principles of materiality outlined in the standard on auditing, we report that no fraud by the company or on the company has been noticed or reported during the year.

(xi)(b) According to the information and explanations given to us and on the basis of our examination of the records of the company, no report under sub-section (12) of Section 143 of the Companies Act has been led by the auditors in Form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules 2014 with the Central Government.

(xi)(c) According to the information and explanations given to us and on the basis of our examination of the records of the company, No complaints have been received from the whistle-blower during the year by the Company.

(xii) As company is not Nidhi Company, Reporting to clause (xii) (a)/(b)/ ( C) is not applicable.

(xiii) According to information and explanation given to us and on the basis of books of accounts and other relevant records of the company, all transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the notes to Financial Statements as required by applicable IND AS.

(xiv) (a) Based on information and explanations provided to us and our audit procedures, in our opinion, the Company has an internal audit system commensurate with the size and nature of its business.

We have considered the internal audit reports of the Company issued till date for the

(xiv) (b) period under audit.

(xv) According to information and explanation given to us and on the basis of examination of books of accounts and other relevant records of the company, the company has not entered into any non-cash transactions with directors or persons connected with directors, during the year.

(xvi) (a) The company is not required to be registered under section 45-IA of The Reserve Bank of India Act, 1934.

(xvi) (b) The Company has not conducted any Non-Banking Financial or Housing Finance activities without a valid Certi cate of Registration (CoR) from the Reserve Bank of India as per the Reserve Bank of India Act 1934.

(xvi) (c) The Company is not a Core Investment Company (CIC) as de ned under the Regulations by the Reserve Bank of India.

(xvi) (d) Reporting to this clause is not applicable as company is not CIC.

(xvii) The company has not incurred cash losses during the year or the immediately preceding Financial Year.

(xviii) There has not been any resignation of the statutory auditors during the year.

(xix) On the basis of the nancial ratios, ageing and expected dates of realization of nancial assets and payment of nancial liabilities, other information accompanying the nancial statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report that company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the company as and when they fall due.

(xx) (a) According to information and explanation given to us and on the basis of examination, we state that there is no unspent amount as per section 135 for the year in respect of other than ongoing projects.

(xx) (b) As per the information and explanation given to us and on the basis of examination, there is no ongoing projects. Therefore reporting to this clause is not applicable.

For S. C. Makhecha & Associates

Chartered Accountants

Firm Reg. No. 120184W

Jay R. Khara

Partner

Membership no. 182933 UDIN : 25182933BMITNC8592 Date: 29.05.2025 Place: Rajkot

ANNEXURE -B

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 nancial controls over nancial reporting of Macpower CNC Machines Limited as of 31st March, 2025 in conjunction with our audit of the standalone nancial 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 nancial controls based on the internal control over nancial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal nancial controls that were operating effectively for ensuring the orderly and ef cient 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 nancial information, as required under the Companies Act, 2013.

Auditors Responsibility:

Our responsibility is to express an opinion on the Companys internal nancial controls with reference to nancial statements based on our audit. We conducted our audit in accordance with the Guidance Note on “Audit of Internal Financial Controls Over Financial Reporting” 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 nancial 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 nancial controls with reference to nancial statements 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 nancial controls with reference to nancial statements and their operating effectiveness. Our audit of internal nancial controls with reference to nancial statements included obtaining an understanding of internal nancial controls with reference to nancial statements, 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 nancial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is suf cient and appropriate to provide a basis for our audit opinion on the Companys internal nancial controls with reference to nancial statements.

Meaning of Internal Financial Controls with reference to nancial statements

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

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

(2) Provide reasonable assurance that transactions are recorded as necessary to permit preparation of nancial 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 nancial statements.

Inherent Limitations of Internal Financial Controls with reference to nancial statements

Because of the inherent limitations of internal nancial controls with reference to nancial statements, 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 nancial controls with reference to nancial statements to future periods are subject to the risk that the internal nancial control with reference to nancial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion:

In our opinion, the Company has, in all material respects, an adequate internal nancial controls with reference to nancial statements and such internal nancial controls with reference to nancial statements were operating effectively as at 31st March, 2025 based on the internal control over nancial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For, S.C. Makhecha ^{& Associates}

Chartered ^Accountants

Firm ^{Reg No: 120184W}

Jay R. Khara

Partner

Mem. No.: 182933 Date: 29/05/2025 Place: Rajkot

UDIN: 25182933BMITNC8592