Marshall Machines Ltd Auditor Reports

To the Members of MARSHALL MACHINES LIMITED

Report on the Audit of Financial Statements

Qualified Opinion

1. We have audited the accompanying Standalone Financial Statements of MARSHALL MACHINES LIMITED ("the Company"), which comprise the balance sheet as at 31^st March 2024, and the statement of Profit and Loss, statement of changes in equity and statement of cash flows for the year ended on that date, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information. (hereinafter referred to as "the Standalone Financial Statements").

2. Except for the effects / possible effects of our observations stated in para 3 (Basis of Qualified opinion), in para 4 (Emphasis of Matters) & in para 5 ( Key Audit Matters) below, in our opinion and to the best of our information and according to the explanations given to us the aforesaid financial statements give the information required by the Companies Act, 2013 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024, and its financial performance, and its cash flows for the year ended on that date.

- Basis for Qualified Opinion

A. As per the Financial Statements, out of Total Trade Receivables of Rs. 3,528.26 Lacs, the Trade Receivables amounting to Rs. 612.71 Lacs are pending for realization for more than 3 years and Rs. 165.98 Lacs are pending for realization for more than 2 years but less than 3 years. During the Year under audit, Company had sent communications to its Debtors to confirm the Balances as on 31.12.2023. Out of Total 198 Debtors count amounting to Rs. 3,528.26 Lacs, as on 31.12.2023 only 6 Debtors with an outstanding amount of Rs. 1,673.65 Lacs have confirmed their Balances. However, the Management of the Company is of the view that the unconfirmed Trade Receivables are good and fully realizable. Balances of Sundry Debtors which have not been confirmed are subject to confirmation and reconciliations.

B. The Balances of HDFC Bank Limited are duly reconciled with the bank statements produced and verified by us as on 31.03.2024. However, No Balance Confirmation Certificate of HDFC Bank Limited as on 31st March, 2024 is available with the Company. The Company had written to the bank seeking to provide Certificate of Balance Confirmation and Status of Companys Accounts. However the Bank has not provided any information. Further a letter seeking confirmation of the balances as on 31.03.2024 and the status of the account was also written by us but no response has been received till date. As per the Books of Accounts there is an overdue amount in the account amounting to Rs. 16.78 Lacs. As per the last communication received from HDFC bank Limited vide Certificate dated 20^th March 2024, the Bank had confirmed that the account is not NPA as on 18.03.2024 but asked the Company to arrange credits amounting to Rs. 31.22 Lacs in order to avoid account becoming NPA due to inadequate churning in the account. Under such circumstances, in the absence of such confirmation we are unable to comment on its current status as a Standard Asset in the Bank. We have conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. 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 together with the ethical requirements that are relevant to our audit of the Standalone 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 qualified opinion on the Standalone Financial Statements.

4. Emphasis of Matter

Attention is drawn to the following matters:

1. In respect of Inventories during the Year under audit, the management has engaged an Independent Chartered Accountancy firm for the Physical Verification and Valuation of Inventory as on 31.03.2024 as per IND AS 2. The firm has submitted its Inventory Valuation report dated 01.05.2024. In our opinion, the comparative inventory holding levels, in view of steep decline In the Turnover of the Company as compared to earlier years are higher.

2. During the Year under audit, the Company has arranged funds through Right Issue of its shares. Initial offer of the Right Issue was for an amount of Rs. 4,562.88 Lacs but it was under subscribed and the Company received an amount of Rs. 4,189.35 Lacs from the proceeds of the Right Issue.

Details provided by the Management are as follows: (Amount in Lacs Rs.)

	Object clause of
		Subscribed
Particulars of Object Clause of Offer Letter	Right Issues (As per Offer Letter to SEBI)	Amount of Right Issue	Amount Utilized as per the Management
Working Capital requirements	1 515.17	1,286.05	1,293.07
Repayment of Loans	629.16	580.58	577.21
Technology Fee (Capital Expenditure)	1,935.00	1,898.00	1,896.11
Expenditure for General	428.55	395.46	393.70
Corporate Purposes
Right Share Issue Expenses	55 .00	29.26	29.26
Total	4562.88	4,189.35	4,189.35

i) There has been delay in the completion of the work undertaken by the company out of the Proceeds of Right Issue. We have been informed by the Company that the delay has been informed to NSE vide letter dated 10^th June, 2024. Details of Amount Utilized from the Right Issue Proceeds with Original Date of Completion and the Revised Date of Completion of Work as per the Management Certificate is as follows:

Nature of Payment as per Management Working Capital requirements	Amount In Lacs Rs.	Original date of completion of work	Revised Expected date of work completion as per Management
Business Development	205.00	30.06.2024	30.09.2024
	50.00	31.12.2024	31.12.2024
Working Capital	25.00	31.05.2024	31.08.2024
Arrangements	11.00	30.06.2024	30.09.2024
Technology Fee (Capex)
Technology Fee	1132.20	30.04.2024	31.10.2024
Total	1,423.20

The above Utilized amounts are on account of Advance Payments made by the Company before the actual completion of work by the Suppliers and such payments are not as per the original terms and conditions of their respective agreements with the suppliers.

ii) The Company has transferred the Right Issue Proceeds from Kotak Mahindra Bank Limited Escrow Account to Kotak Mahindra Bank Limited Current Account instead of HDFC Bank Limited where the Company is availing its Cash Credit facilities. iii) The Company has transferred Funds out of its Right Issue Proceeds to its Director and Other Parties Bank account to make payments as follows.

(Amount in Lacs Rs.)

Director
Amount Paid by the Company	366.29
Less: Amount spent on behalf of Company:
Repayment of Loans (HDFC Cash Credit Account)	317.00
Repayment of Loans (HDFC Term Loan Account)	40.60
Repayment of Loans (SIDBI Term Loan)	8.69
Balance Unused	NIL
Other parties
Amount Paid by the Company	200.39
Less: Amount spent on behalf of Company:
Statutory Dues (TDS, ESIC, PSDT)	65.11
Employee Dues	37.93
Repayment of Loans (HDFC Cash Credit Account)	63.44
Repayment or Term Loans	1.91
Other Expenses	2.00
Balance Unused Returned to the Company	30.00
(As per the Certificate of the Management and the documents provided to us, the Unused balance of Rs. 30.00 Lacs has been recovered by the company before 31.03.24)

3. There are number of pending cases against the Company in various Courts of law. The Company has mentioned the cases in the respective Note of the Standalone Financial Statements. The amount under dispute has already been booked in the books of accounts of the company Except in One case which has been shown under Contingent liability. However, no interest has been provided in the books of accounts since the decision of the cases are pending and in the opinion of the Directors the cases will be in the favour of the company. Directors of the Company have certified that except the mentioned cases, there are no other cases on the company in any forum.

4. With reference to the comments in our Independent Audit Report (Part B) CARO-2020 under the clause IX (a) (i), In our opinion the company is not regular in repayment of its loans and interest thereon to the financial Institutions and banks. The loan instalments have been delayed many times during the year {for individual instances refer clause IX a (i) of Annexure B of this report (The CAR0-2020 report order)}. But loans of Tata Capital Financial Services Limited, Hero Fincorp Limited, Aditya Birla Finance limited and Deutsche Bank have been classified as Substandard I written off for an amount of Rs. 53.44 Lacs, Rs. 80.87 Lacs, Rs. 8.04 Lacs and Rs. 8.93 Lacs respectively as on date of audit report. Letter of Credits taken from the bank, in four number of cases have not been paid so far after the due date. All these four cases of Letter of credits are delayed for more than one year.

5. Company has taken Trade Advances from its Customers amounting to Rs. 364.34 Lacs. This includes advances of Rs. 296.85 Lacs which are more than a year old. Balances of Sundry Advances are subject to confirmation and reconciliations.

6. Company has not deposited the Tax Deducted at Source amounting to Rs. 51.53 Lacs which has been deducted on account of payments in respect of Right Issue Expenses. Our opinion is not modified in the matters mentioned in this above Para-4

5. 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.

1. Company has not realized its Foreign Debtor amounting to Rs.106.55 Lacs within the time prescribed under the regulations of the FEMA Act, 1999. Subject to which penalty under the provisions of Act may be levied on violation. According to the Directors the delay was due to the dispute arising during the Covid2019 times which could not be resolved.

2. As per Note No. 14 of the Standalone Financial Statements, sundry creditors amounting to Rs. 2404.50 Lacs are due for more than 180 days, which include the creditors which are subject to the provisions of section 16(2) of the CGST Act, 2017, Input Tax Credit of GST which has been taken against such unpaid creditors has to be reversed and further the Interest and penalty may be levied on such amounts.

Our opinion is not modified in the matters mentioned in this above Para-5

Information other than the Standalone Financial Statements and Auditors Report thereon The Companys management and Board of Directors are responsible for 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 financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed on the other information obtained prior to the date of this auditors report, 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 Board of Directors are responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these Standalone financial statements that give a true and fair view of the financial position, financial performance, and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the 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 Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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

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

Auditors Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the 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 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 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.

• 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 to those charged with governance, we determine those matters that were of most significance in the audit of 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 preclude 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 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 Balance Sheet, the Statement of Profit and Loss, statement of changes in equity and the Cash Flow Statement dealt with by this report are in agree with the books of account.

d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e) On the basis of the written representations received from the directors as on 31st March, 2024 taken on record by the Board of Directors, 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 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 adequacy and operating effectiveness of the Companys internal financial controls over financial reporting.

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:

(I) The Company has disclosed impact of its pending litigations in the books of accounts except interest on such pending amounts which may arise in future has not been disclosed in the Note no 29A of the Standalone Financial Statements, which would impact its financial position.

(II) The Company does not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

(III) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

(IV) a) The management has represented that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts, 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, other than as disclosed in the notes to the accounts, 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 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 audit procedures which we considered reasonable and appropriate in the circumstances, nothing has come to their notice that has caused them to believe that the representations under sub-clause (a) and (b) contain any material mis-statement.

(v) The company has not declared or paid any dividend during the year in contravention of the provisions of section 123 of the Companies Act, 2013.

(h) 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 of the Act.

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

Annexure "A" to the Independent Auditors Report

(Referred to in paragraph 1(f) under Report on Other Legal and Regulatory Requirements section of our report to the Members of Marshall Machines Limited of even date)

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

We have audited the internal Financial controls over Financial reporting of Marshall Machines Limited ("the Company") as of March 31, 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 Board of Directors of the Company is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal Financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to respective companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable Financial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the internal financial controls over financial reporting of the Company based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal Financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness.

Our audit of internal financial controls over financial reporting included obtaining an understanding of internal Financial controls over Financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment. including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the internal financial controls system over Financial reporting of the Company.

Meaning of Internal Financial Controls 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) pertains 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.

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 and to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system over Financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2024, based on the internal control over Financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

ANNEXURE B TO THE INDEPENDENT AUDITORS REPORT

Report 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

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

With reference to the Annexure B referred to in the Independent Auditors Report to the members of the Company on the financial statements for the year ended March 31, 2024, we report the following:

i) In respect of Fixed Assets

(a)(A) The Company has proper records related to full particulars including quantitative details and situation of Property, Plant and Equipment.

(B) The Company has proper records related to full particulars of Intangible Assets.

(b) In our opinion Property, Plant and Equipment have been physically verified by the management at reasonable intervals. No material discrepancies were noticed on such verification during the year.

(c) As per the information & explanation given to us and the examination of records of the company, the title deeds of immovable properties are held in the name of the company.

(d) The company has not revalued its Property, Plant and Equipment during the year. Therefore, the provisions of Clause (i)(d) of paragraph 3 of the order are not applicable to the company.

(e) 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. Therefore, the provisions of Clause (i)(e) of paragraph 3 of the order are not applicable to the company. ii.) In respect of Inventory & Working Capital

(a) In our opinion, physical verification of inventory has been conducted at reasonable intervals during the year and at the end of the year by the management through an Independent Chartered Accountant. For the Closing Inventory which includes Raw Material, Finished Goods, Work in Process and Scrap, the Quantity & Valuations have been taken & relied upon on the basis of the Inventory Valuation Report as per Ind AS 2 which has been prepared and Certified by an independent Chartered Accountancy firm M/s Jasminder Singh & Associates who had been appointed by the management.

(b) The company has been enjoying the working capital limits in excess of Rs. Five crores from banks or financial institutions on the basis of security of current assets. The stock statements submitted by the company to the bank at the end of every quarter is compared with the books of accounts as follows:

Quarter ending	*Value as per books of account	Value as per statement filled with lender	Difference	Reason for differences provided by the Management
June 30, 2023	42.62	44.64**	(2.02)	**As explained by the management, the differences are because the statements filed with the lenders are
September 30, 2023	40.99	46.65**	(5.66)	based on financial statements which
December 31, 2023	48.06	49.13**	(1.07)	are prepared on provisional basis and also on account of exclusion of certain
March 31, 2024	44.31	49.97**	(5.66)	other current liabilities in the statements filed with the lenders.

•value means: (Stock+ Trade Receivables -Trade Payables)

••value as per statement filed with the lender is based on provisional figures as per books as on 26^th June, 2023, 31^st Oct 2023, 31^st Jan. 2024 & 24^th March, 2024. However corresponding books figures are as on 30^th June, 2023, 30^th Sep. 2023, 31^st Dec. 2023 & 31^st March, 2024 respectively.

(iii) Compliance under section 189 of The Companies Act, 2013

During the year, the company has not made any investments in, provided any guarantee or security or granted any loans or advances in the nature of loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or any other parties. Therefore, the provisions of clause 3(iii) of the said Order are not applicable to the company.

(iv) Compliance under section 185 and 186 of The Companies Act, 2013

The company has not made any loans, investments, guarantees and security on which provisions of section 185 and 186 of the Companies Act 2013 are applicable. Therefore, the provisions of clause 3(iv} of the said Order are not applicable to the company.

(v) Compliance under section 73 to 76 of The Companies Act, 2013 and Rules framed there under while accepting Deposits

In our opinion and according to the Information and explanations given to us, the Company has not accepted deposits from public during the year however the advances received from the customers on account of trade advances which are more than one year old amounting to Rs. 296.85 Lacs will be termed as deposits. To the extent of such deposits the Company has not complied with the provisions of section 73 to 76 of The Companies Act, 2013 and Rules framed there under while accepting Deposits.

(vi) Maintenance of cost records

We have broadly reviewed the books of accounts relating to materials, labour and other items of cost maintained by the company pursuant to the Rules made by the Central Government for the maintenance of cost records under sub-section (1) of section 148 of the Companies Act, 2013 and we are of the opinion that prima-facie the prescribed accounts and records have been made and maintained. We have not made however a detailed examination of the record with a view to determine whether they are complete or accurate.

(vii) Deposit of Statutory Dues

a) The Company has not been regular in depositing with the appropriate authorities its undisputed statutory dues including Provident Fund, Employees State Insurance, TDS, TCS, GST and other material statutory dues applicable to it. However, the Company did not have dues in arrears as at 31st March 2024 for a period of more than six months from the date they became payable except the following

I) "GST amounting to Rs. 23.47 Lacs and Provident Fund amounting to Rs. 1.53 Lacs along with Interest thereon which are outstanding for more than six months.

II) There are no dues of Income Tax etc. on account of any disputes which are pending for payments.

(viii) Unrecorded Income

In our opinion and according to the intonation and explanations given to us, there is no any transaction which is not recorded in the books of accounts and there has not been any such surrendered or undisclosed income which is required to show as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).

(ix) Repayment of Loans and Borrowings

a) In our opinion and according to the information and explanations given to us, in some cases the Company has defaulted in the repayment of Loans or Borrowings of banks and financial Institutions, some of them have already been classified as Substandard, Doubtful & Written Off by the Financial Institutions. In many cases delay of EMls have been exceeded 90 days to become the account substandard however updated status from some financial Institutions are not available. And in other cases, there has been delay in Repayment of installments during the year. i) Following are the cases of Delayed payment of Bank/Financial Institutions Loans during the year:

ALIGN=RIGHT>Mar-23

Nature of Borrowing	Name of Lender	Amount not paid on due date	Whether Principal or Interest	No. of days delay or unpaid	Related Month
Secured Loan	Electronica Finance Limited	419,685	Both	295 Days	Oct-22
Secured Loan	Electronica Finance Limited	419,685	Both	264 Days	Nov-22
Finance Lease	Siemens Financial Services Private Limited	480,454	Rental	364 Day	Nov-22
Unsecured Loan	Ashv Finance Limited	578,381	Both	385 Days	Nov-22
Unsecured Loan	Clix Capital Services Private Limited	90,930	Both	393 Days	Nov-22
Unsecured Loan	IDFC First Bank Limited	119,765	Both	371 Days	Nov-22
Unsecured Loan	NeoGrowth Credit Private Limited	29,517	Both	368 Days	Nov-22
Unsecured Loan	NeoGrowth Credit Private Limited	29,517	Both	353 Days	Nov-22
Secured Loan	Electronica Finance Limited	419,685	Both	234 Days	Dec-22
Secured Loan	Hero Fincorp Limited	147,022	Both	361 Days	Dec-22
Finance Lease	Siemens Financial Services Private Limited	480,454	Rental	363 Days	Dec-22
Secured Loan	Tata Capital Financial Services Limited	210,505	Both	360 Days	Dec-22
Secured Loan	Tata Capital Financial Services Limited	379,299	Both	355 Days	Dec-22
Unsecured Loan	Tata Capital Financial Services Limited	91,558	Both	359 Days	Dec-22
Unsecured Loan	Aditya Birla Finance Limited	187,237	Both	347 Days	Dec-22
Unsecured Loan	Aditya Birla Finance Limited	31,807	Both	338 Days	Dec-22
Unsecured Loan	Ashv Finance Limited	578,381	Both	355 Days	Dec-22
Unsecured Loan	Clix Capital Services Private Limited	90,930	Both	363 Days	Dec-22
Unsecured Loan	IDFC First Bank Limited	119,765	Both	341 Days	Dec-22
Secured Loan	IDFC First Bank Limited	38,662	Both	341 Days	Dec-22
Secured Loan	Jain Sons (Ashv Finance Limited)	119,304	Both	360 Days	Dec-22
Unsecured Loan	Moneywise Financial Services Private Limited	96,412	Both	348 Days	Dec-22
Unsecured Loan	Neo Growth Credit Private Limited	29,517	Both	338 Days	Dec-22
Unsecured Loan	Neo Growth Credit Private Limited	29,517	Both	323 Days	Dec-22
Secured Loan	Electronica Finance Limited	419,685	Both	203 Days	Jan-23
Secured Loan	Hero Fincorp Limited	147,022	Both	330 Days	Jan-23
Secured Loan	Hero Fincorp Limited	286,456	Both	302 Days	Jan-23
Finance Lease	Siemens Financial Services Private Limited	480,454	Rental	332 Days	Jan-23
Secured Loan	Tata Capital Financial Services Limited	206,741	Both	329 Days	Jan-23
Secured Loan	Tata Capital Financial Services Limited	375,951	Both	324 Days	Jan-23
Secured Loan	Tata Capital Financial Services Limited	8,298	Interest	311 Days	Jan-23
Unsecured Loan	Tata Capital Financial Services Limited	91,558	Both	328 Days	Jan-23
Unsecured Loan	Aditya Birla Finance Limited	187,237	Both	316 Days	Jan-23
Unsecured Loan	Aditya Birla Finance Limited	31,807	Both	307 Days	Jan-23
Unsecured Loan	Ashv Finance Limited	578,381	Both	324 Days	Jan-23
Unsecured Loan	Clix Capital Services Private Limited	90,930	Both	332 Days	Jan-23
Unsecured Loan	IDFC First Bank Limited	119,765	Both	310 Days	Jan-23
Secured Loan	IDFC First Bank Limited	38,662	Both	310 Days	Jan-23
Secured Loan	Jain Sons (Ashv Finance Limited)	119,304	Both	329 Days	Jan-23
Unsecured Loan	Magma Fincorp Limited	59,709	Both	310 Days	Jan-23
Unsecured Loan	Moneywise Financial Services Private Limited	96,412	Both	317 Days	Jan-23
Unsecured Loan	NeoGrowth Credit Private Limited	29,517	Both	307 Days	Jan-23
Unsecured Loan	NeoGrowth Credit Private Limited	29,517	Both	292 Days	Jan-23
Secured Loan	Electronica Finance Limited	419,685	Both	172 Days	Feb-23
Secured Loan	Hero Fincorp Limited	147,022	Both	299 Days	Feb-23
Secured Loan	Hero Fincorp Limited	286,456	Both	300 Days	Feb-23
Secured Loan	Small Industries Development Bank of India	713,618	Both	83 Days	Feb-23
Secured Loan	Small Industries Development Bank of India	204,035	Both	83 Days	Feb-23
Finance Lease	Siemens Financial Services Private Limited	480,454	Rental	301 Days	Feb-23
Secured Loan	Tata Capital Financial Services Limited	204,999	Both	298 Days	Feb-23
Secured Loan	Tata Capital Financial Services Limited	371,626	Both	293 Days	Feb-23
Secured Loan	Tata Capital Financial Services Limited	8,298	Interest	280 Days	Feb-23
Unsecured Loan	Tata Capital Financial Services Limited	91,558	Both	297 Days	Feb-23
Unsecured Loan	Aditya Bina Finance Limited	187,237	Both	285 Days	Feb-23
Unsecured Loan	Aditya Bina Finance Limited	31,807	Both	276 Days	Feb-23
Unsecured Loan	Ashv Finance Limited	578,381	Both	293 Days	Feb-23
Unsecured Loan	Clix Capital Services Private Limited	90,930	Both	301 Days	Feb-23
Unsecured Loan	IDFC First Bank Limited	119,765	Both	279 Days	Feb-23
Secured Loan	IDFC First Bank Limited	38,662	Both	279 Days	Feb-23
Secured Loan	Jain Sons (Ashv Finance Limited)	119,304	Both	298 Days	Feb-23
Unsecured Loan	Magma Fincorp Limited	59,709	Both	279 Days	Feb-23
Unsecured Loan	Moneywise Financial Services Private Limited	96,412	Both	286 Days	Feb-23
Unsecured Loan	NeoGrowth Credit Private Limited	29,517	Both	276 Days	Feb-23
Unsecured Loan	NeoGrowth Credit Private Limited	29,517	Both	261 Days	Feb-23
Secured Loan	Electronica Finance Limited	419,685	Both	144 Days	Mar-23
Secured Loan	HDFC Bank Limited	116,408	Both	54 Days	Mar-23
Secured Loan	HDFC Bank Limited	148,462	Interest	54 Days	Mar-23
Secured Loan	HDFC Bank Limited	1,258,073	Both	54 Days	Mar-23
Secured Loan	HDFC Bank Limited	18,341	Both	56 Days	Mar-23
Secured Loan	Hero Fincorp Limited	147,022	Both	271 Days	Mar-23
Secured Loan	Hero Fincorp Limited	286,456	Both	272 Days	Mar-23
Secured Loan	Small Industries Development Bank of India	713,618	Both	87 Days	Mar-23
Secured Loan	Small Industries Development Bank of India	204,035	Both	87 Days	Mar-23
Finance Lease	Siemens Financial Services Private Limited	480,454	Rental	273 Days	Mar-23
Secured Loan	Tata Capital Financial Services Limited	199,720	Both	270 Days	Mar-23
Secured Loan	Tata Capital Financial Services Limited	365,626	Both	265 Days	Mar-23
Secured Loan	Tata Capital Financial Services Limited	8,298	Interest	252 Days	Mar-23
Unsecured Loan	Tata Capital Financial Services Limited	91,558	Both	269 Days	Mar-23
Unsecured Loan	Aditya Birla Finance Limited	187,237	Both	257 Days	Mar-23
Unsecured Loan	Aditya Birla Finance Limited	31,807	Both	248 Days	Mar-23
Unsecured Loan	Ashv Finance Limited	578,381	Both	265 Days	Mar-23
Unsecured Loan	Clix Capital Services Private Limited	90,930	Both	273 Days	Mar-23
Unsecured Loan	IDFC First Bank Limited	119,765	Both	251 Days	Mar-23
Secured Loan	IDFC First Bank Limited	38,662	Both	251 Days	Mar-23
Secured Loan	Jain Sons (Ashv Finance Limited)	119,304	Both	270 Days	Mar-23
Unsecured Loan	Magma Fincorp Limited	59,709	Both	251 Days
Unsecured Loan	Moneywise Financial Services Private Limited	96,412	Both	258 Days	Mar-23
Unsecured Loan	NeoGrowth Credit Private Limited	29,517	Both	248 Days	Mar-23
Unsecured Loan	NeoGrowth Credit Private Limited	29,517	Both	233 Days	Mar-23
Secured Loan	Electronica Finance Limited	419,685	Both	212 Days	Apr-23
Secured Loan	HDFC Bank Limited	116,408	Both	43 Days	Apr-23
Secured Loan	HDFC Bank Limited	148,462	Interest	43 Days	Apr-23
Secured Loan	HDFC Bank Limited	18,796	Both	77 Days	Apr-23
Secured Loan	HDFC Bank Limited	1,258,073	Both	46 Days	Apr-23
Secured Loan	HDFC Bank Limited	18,341	Both	45 Days	Apr-23
Secured Loan	Hero Fincorp Limited	147,022	Both	240 Days	Apr-23
Secured Loan	Hero Fincorp Limited	286,456	Both	240 Days	Apr-23
Secured Loan	Small Industries Development Bank of India	694,289	Both	84 Days	Apr-23
Secured Loan	Small Industries Development Bank of India	186,507	Both	84 Days	Apr-23
Finance Lease	Siemens Financial Services Private Limited	480,454	Rental	242 Days	Apr-23
Secured Loan	Tata Capital Financial Services Limited	201,516	Both	239 Days	Apr-23
Secured Loan	Tata Capital Financial Services Limited	362,975	Both	234 Days	Apr-23
Secured Loan	Tata Capital Financial Services Limited	143,923	Both	221 Days	Apr-23
Unsecured Loan	Tata Capital Financial Services Limited	91,558	Both	238 Days	Apr-23
Unsecured Loan	Aditya Birla Finance Limited	187,237	Both	226 Days	Apr-23
Unsecured Loan	Aditya Birla Finance Limited	31,807	Both	217 Days	Apr-23
Unsecured Loan	Ashv Finance Limited	578,381	Both	234 Days	Apr-23
Unsecured Loan	Clix Capital Services Private Limited	90,930	Both	242 Days	Apr-23
Unsecured Loan	IDFC First Bank Limited	119,765	Both	220 Days	Apr-23
Secured Loan	IDFC First Bank Limited	38,662	Both	220 Days	Apr-23
Secured Loan	Jain Sons (Ashv Finance Limited)	119,304	Both	239 Days	Apr-23
Unsecured Loan	Magma Fincorp Limited	59,709	Both	220 Days	Apr-23
Unsecured Loan	Moneywise Financial Services Private Limited	96,412	Both	227 Days	Apr-23
Unsecured Loan	NeoGrowth Credit Private Limited	29,517	Both	217 Days	Apr-23
Unsecured Loan	NeoGrowth Credit Private Limited	29,517	Both	202 Days	Apr-23
Secured Loan	Electronica Finance Limited	419,685	Both	182 Days	May-23
Secured Loan	HDFC Bank Limited	116,408	Both	54 Days	May-23
Secured Loan	HDFC Bank Limited	148,462	Interest	57 Days	May-23
Secured Loan	HDFC Bank Limited	18,796	Both	55 Days	May-23
Secured Loan	HDFC Bank Limited	1,258,073	Both	16 Days	May-23
Secured Loan	HDFC Bank Limited	18,341	Both	59 Days	May-23
Secured Loan	Hero Fincorp Limited	147,022	Both	210 Days	May-23
Secured Loan	Hero Fincorp Limited	286,456	Both	210 Days	May-23
Secured Loan	Small Industries Development Bank of India	686.487	Both	85 Days	May-23
Secured Loan	Small Industries Development Bank of India	184,850	Both	85 Days	May-23
Finance Lease	Siemens Financial Services Private Limited	480,454	Rental	212 Days	May-23
Secured Loan	Tata Capital Financial Services Limited	198,708	Both	209 Days	May-23
Secured Loan	Tata Capital Financial Services Limited	358,371	Both	204 Days	May-23
Secured Loan	Tata Capital Financial Services Limited	142,097	Both	191 Days	May-23
Unsecured Loan	Tata Capital Financial Services Limited	91,558	Both	208 Days	May-23
Unsecured Loan	Aditya Birla Finance Limited	187,237	Both	196 Days	May-23
Unsecured Loan	Aditya Birla Finance Limited	31,807	Both	187 Days	May-23
Unsecured Loan	Ashv Finance Limited	578,381	Both	204 Days	May-23
Unsecured Loan	IDFC First Bank Limited	119,765	Both	190 Days	May-23
Secured Loan	IDFC First Bank Limited	38,662	Both	190 Days	May-23
Secured Loan	Jain Sons (Ashv Finance Limited}	119,304	Both	209 Days	May-23
Unsecured Loan	Magma Fincorp Limited	59,709	Both	190 Days	May-23
Unsecured Loan	Moneywise Financial Services Private Limited	96,412	Both	197 Days	May-23
Unsecured Loan	NeoGrowth Credit Private Limited	29,517	Both	187 Days	May-23
Unsecured Loan	NeoGrowth Credit Private Limited	29,517	Both	172 Days	May-23
Secured Loan	HDFC Bank Limited	116,408	Both	23 Days	Jun-23
Secured Loan	HDFC Bank Limited	148,462	Interest	79 Days	Jun-23
Secured Loan	HDFC Bank Limited	18,796	Both	24 Days	Jun-23
Secured Loan	HDFC Bank Limited	1,258,073	Both	79 Days	Jun-23
Secured Loan	HDFC Bank Limited	18,341	Both	81 Days	Jun-23
Secured Loan	Hero Fincorp Limited	147,022	Both	179 Days	Jun-23
Secured Loan	Hero Fincorp Limited	286,456	Both	179 Days	Jun-23
Secured Loan	Small Industries Development Bank of India	687,222	Both	83 Days	Jun-23
Secured Loan	Small Industries Development Bank of India	184,394	Both	83 Days	Jun-23
Finance Lease	Siemens Financial Services Private Limited	480,454	Rental	181 Days	Jun-23
Secured Loan	Tata Capital Financial Services Limited	198,034	Both	178 Days	Jun-23
Secured Loan	Tata Capital Financial Services Limited	354,325	Both	173 Days	Jun-23
Secured Loan	Tata Capital Financial Services Limited	140,493	Both	160 Days	Jun-23
Unsecured Loan	Tata Capital Financial Services Limited	91,558	Both	177 Days	Jun-23
Unsecured Loan	Aditya Bina Finance Limited	187,237	Both	165 Days	Jun-23
Unsecured Loan	Aditya Birla Finance Limited	31,807	Both	156 Days	Jun-23
Unsecured Loan	Ashv Finance Limited	578,381	Both	173 Days	Jun-23
Unsecured Loan	IDFC First Bank Limited	119,765	Both	159 Days	Jun-23
Secured Loan	IDFC First Bank Limited	38,662	Both	159 Days	Jun-23
Secured Loan	Jain Sons (Ashv Finance Limited)	119,304	Both	178 Days	Jun-23
Unsecured Loan	Magma Fincorp Limited	59,709	Both	159 Days	Jun-23
Unsecured Loan	Moneywise Financial Services Private Limited	96,412	Both	166 Days	Jun-23
Unsecured Loan	NeoGrowth Credit Private Limited	29,517	Both	156 Days	Jun-23
Unsecured Loan	NeoGrowth Credit Private Limited	29,517	Both	141 Days	Jun-23
Secured Loan	HDFC Bank Limited	116,408	Both	49 Days	Jul-23
Secured Loan	HDFC Bank Limited	148,462	Interest	49 Days	Jul-23
Secured Loan	HDFC Bank Limited	18,796	Both	49 Days	Jul-23
Secured Loan	HDFC Bank Limited	1,258,073	Both	49 Days	Jul-23
Secured Loan	HDFC Bank Limited	18,341	Both	51 Days	Jul-23
Secured Loan	Hero Fincorp Limited	147,022	Both	149 Days	Jul-23
Secured Loan	Hero Fincorp Limited	286,456	Both	149 Days	Jul-23
Secured Loan	Small Industries Development Bank of India	678,815	Both	87 Days	Jul-23
Secured Loan	Small Industries Development Bank of India	182,547	Both	87 Days	Jul-23
Finance Lease	Siemens Financial Services Private Limited	480,454	Rental	151 Days	Jul-23
Secured Loan	Tata Capital Financial Services Limited	195,337	Both	148 Days	Jul-23
Unsecured Loan	Tata Capital Financial Services Limited	91,558	Both	147 Days	Jul-23
Unsecured Loan	Aditya Bina Finance Limited	187,237	Both	135 Days	Jul-23
Unsecured Loan	Aditya Birla Finance Limited	31,807	Both	126 Days	Jul-23
Unsecured Loan	Ashv Finance Limited	578,381	Both	143 Days	Jul-23
Unsecured Loan	IDFC First Bank Limited	119,765	Both	129 Days	Jul-23
Secured Loan	IDFC First Bank Limited	38,662	Both	129 Days	Jul-23
Secured Loan	Jain Sons (Ashv Finance Limited)	119,304	Both	148 Days	Jul-23
Unsecured Loan	Magma Fincorp Limited	59 ,709	Both	129 Days	Jul-23
Unsecured Loan	Moneywise Financial Services Private Limited	96,412	Both	136 Days	Jul-23
Unsecured Loan	NeoGrowth Credit Private Limited	29,517	Both	126 Days	Jul-23
Unsecured Loan	NeoGrowth Credit Private Limited	29,517	Both	111 Days	Jul-23
Secured Loan	HDFC Bank Limited	116,408	Both	18 Days	Aug-23
Secured Loan	HDFC Bank Limited	148,462	Interest	55 Days	Aug-23
Secured Loan	HDFC Bank Limited	18,796	Both	18 Days	Aug-23
Secured Loan	HDFC Bank Limited	1,258,073	Both	18 Days	Aug-23
Secured Loan	HDFC Bank Limited	18,341	Both	57 Days	Aug-23
Secured Loan	Hero Fincorp Limited	147,022	Both	118 Days	Aug-23
Secured Loan	Hero Fincorp Limited	286,456	Both	118 Days	Aug-23
Secured Loan	Small Industries Development Bank of India	679,074	Both	88 Days	Aug-23
Secured Loan	Small Industries Development Bank of India	182,021	Both	88 Days	Aug-23
Finance Lease	Siemens Financial Services Private Limited	480,454	Rental	120 Days	Aug-23
Secured Loan	Tata Capital Financial Services Limited	194,551	Both	117 Days	Aug-23
Unsecured Loan	Tata Capital Financial Services Limited	91,558	Both	116 Days	Aug-23
Unsecured Loan	Aditya Birla Finance Limited	187,237	Both	104 Days	Aug-23
Unsecured Loan	Aditya Birla Finance Limited	31,807	Both	95 Days	Aug-23
Unsecured Loan	Ashv Finance Limited	578,381	Both	112 Days	Aug-23
Unsecured Loan	IDFC First Bank Limited	119,765	Both	98 Days	Aug-23
Secured Loan	IDFC First Bank Limited	38,662	Both	98 Days	Aug-23
Secured Loan	Jain Sons (Ashv Finance Limited)	119,304	Both	117 Days	Aug-23
Unsecured Loan	Magma Fincorp Limited	59,709	Both	98 Days	Aug-23
Unsecured Loan	Moneywise Financial Services Private Limited	96,412	Both	105 Days	Aug-23
Unsecured Loan	NeoGrowth Credit Private Limited	29,517	Both	95 Days	Aug-23
Unsecured Loan	NeoGrowth Credit Private Limited	29,517	Both	80 Days	Aug-23
Secured Loan	HDFC Bank Limited	116,408	Both	72 Days	Sep-23
Secured Loan	HDFC Bank Limited	148,462	Interest	72 Days	Sep-23
Secured Loan	HDFC Bank Limited	18,796	Both	14 Days	Sep-23
Secured Loan	HDFC Bank Limited	1,258,073	Both	72 Days	Sep-23
Secured Loan	HDFC Bank Limited	18,341	Both	74 Days,	Sep-23
Secured Loan	Hero Fincorp Limited	147,022	Both	87 Days	Sep-23
Secured Loan	Hero Fincorp Limited	286,456	Both	87 Days	Sep-23
Secured Loan	Small Industries Development Bank of India	674,799	Both	80 Days	Sep-23
Secured Loan	Small Industries Development Bank of India	180,761	Both	80 Days	Sep-23
Finance Lease	Siemens Financial Services Private Limited	480,454	Rental	89 Days	Sep-23
Secured Loan	Tata Capital Financial Services Limited	195,809	Both	86 Days	Sep-23
Unsecured Loan	Tata Capital Financial Services Limited	91,558	Both	85 Days	Sep-23
Unsecured Loan	Aditya Birla Finance Limited	187,237	Both	73 Days	Sep-23
Unsecured Loan	Aditya Birla Finance Limited	31,807	Both	64 Days	Sep-23
Unsecured Loan	Ashv Finance Limited	578,381	Both	81 Days	Sep-23
Unsecured Loan	IDFC First Bank Limited	110,765	Both	67 Days	Sep-23
Secured Loan	IDFC First Bank Limited	38,662	Both	67 Days	Sep-23
Secured Loan	Jain Sons (Ashv Finance Limited)	119,304	Both	86 Days	Sep-23
Unsecured Loan	Magma Fincorp Limited	59,709	Both	67 Days	Sep-23
Unsecured Loan	Moneywise Financial Services Private Limited	96,412	Both	74 Days	Sep-23
Unsecured Loan	NeoGrowth Credit Private Limited	29,517 Both	64 Days	Sep-23
Unsecured Loan	NeoGrowth Credit Private Limited	29,517 Both	49 Days	Sep-23
Secured Loan	HDFC Bank Limited	116,408 Both	42 Days	Oct-23
Secured Loan	HDFC Bank Limited	148,462 Interest	42 Days	Oct-23
Secured Loan	HDFC Bank Limited	1,258,073	Both	42 Days	Oct-23
Secured Loan	HDFC Bank Limited	18,341	Both	44 Days	Oct-23
Secured Loan	Hero Fincorp Limited	147,022	Both	57 Days	Oct-23
Secured Loan	Hero Fincorp Limited	286,456	Both	57 Days	Oct-23
Secured Loan	Small Industries Development Bank of India	667,750	Both	50 Days	Oct-23
Secured Loan	Small Industries Development Bank of India	179,282	Both	50 Days	Oct-23
Finance Lease	Siemens Financial Services Private Limited	480,454	Rental	59 Days	Oct-23
Secured Loan	Tata Capital Financial Services Limited	190,282	Both	56 Days	Oct-23
Unsecured Loan	Tata Capital Financial Services Limited	91,558	Both	55 Days	Oct-23
Unsecured Loan	Aditya Birla Finance Limited	187,237	Both	43 Days	Oct-23
Unsecured Loan	Aditya Birla Finance Limited	31,807	Both	34 Days	Oct-23
Unsecured Loan	Ashv Finance Limited	578,381	Both	51 Days	Oct-23
Unsecured Loan	IDFC First Bank Limited	119,765	Both	37 Days	Oct-23
Secured Loan	IDFC First Bank Limited	38,662	Both	37 Days	Oct-23
Secured Loan	Jain Sons (Ashv Finance Limited)	119,304	Both	56 Days	Oct-23
Unsecured Loan	Magma Fincorp Limited	59,709	Both	37 Days	Oct-23
Unsecured Loan	Moneywise Financial Services Private Limited	96,412	Both	44 Days	Oct-23
Unsecured Loan	NeoGrowth Credit Private Limited	29,517	Both	34 Days	Oct-23
Unsecured Loan	NeoGrowth Credit Private Limited	29,517	Both	19 Days	Oct-23
Secured Loan	HDFC Bank Limited	116,408	Both	18 Days	Nov-23
Secured Loan	HDFC Bank Limited	148,462	Interest	18 Days	Nov-23
Secured Loan	HDFC Bank Limited	1,258,073	Both	11 Days	Nov-23
Secured Loan	HDFC Bank Limited	18,341	Both	20 Days	Nov-23
Secured Loan	Hero Fincorp Limited	147,022	Both	26 Days	Nov-23
Secured Loan	Hero Fincorp Limited	286,456	Both	26 Days	Nov-23
Secured Loan	Small Industries Development Bank of India	667,756	Both	19 Days	Nov-23
Secured Loan	Small Industries Development Bank of India	178,686	Both	19 Days	Nov-23
Finance Lease	Siemens Financial Services Private Limited	480,454	Rental	28 Days	Nov-23
Secured Loan	Tata Capital Financial Services Limited	189,326	Both	25 Days	Nov-23
Unsecured Loan	Tata Capital Financial Services Limited	91,558	Both	24 Days	Nov-23
Unsecured Loan	Aditya Birla Finance Limited	187,237	Both	12 Days	Nov-23
Unsecured Loan	Aditya Birla Finance Limited	31,807	Both	3 Days	Nov-23
Unsecured Loan	Ashv Finance Limited	578,381	Both	20 Days	Nov-23
Unsecured Loan	IDFC First Bank Limited	119,765	Both	6 Days	Nov-23
Secured Loan	IDFC First Bank Limited	38,662	Both	6 Days	Nov-23
Secured Loan	Jain Sons (Ashv Finance Limited)	119,304	Both	25 Days	Nov-23
Unsecured Loan	Magma Fincorp Limited	59,709	Both	6 Days	Nov-23
Unsecured Loan	Moneywise Financial Services Private Limited	96,412	Both	13 Days	Nov-23
Secured Loan	HDFC Bank Limited	1,258,073	Both	2 Days	Dec-23
Secured Loan	Hero Fincorp Limited	147,022	Both	1 Days	Dec-23
Secured Loan	Hero Fincorp Limited	286,456	Both	1 Days	Dec-23
Secured Loan	Small Industries Development Bank of India	656,684	Both	1 Days	Dec-23
Secured Loan	Small Industries Development Bank of India	176,030	Both	1 Days	Deo-23
Unsecured Loan	Tata Capital Financial Services Limited	91,558	Both	2 Days	Dec-23
Unsecured Loan	Ashv Finance Limited	578,381	Both	20 Days	Dec-23
Secured Loan	HDFC Bank Limited	1,162,649	Both	3 Days	Jan-24
Secured Loan	Small Industries Development Bank of India	648,894	Both	5 Days	Jan-24
Secured Loan	Small Industries Development Bank of India	173,125	Both	5 Days	Jan-24
Secured Loan	HDFC Bank Limited	148,462	Interest	3 Days	Feb-24
Secured Loan	HDFC Bank Limited	1,162,649	Both	3 Days	Feb-24
Secured Loan	HDFC Bank Limited	18,341	Both	5 Days	Feb-24
Secured Loan	Hero Fincorp Limited	147,022	Both	Un Paid	Feb-24
Secured Loan	Hero Fincorp Limited	286,456	Both	Un Paid	Feb-24
Secured Loan	Small Industries Development Bank of India	637,214	Both	74 Days	Feb-24
Secured Loan	Small Industries Development Bank of India	172,182	Both	74 Days	Feb-24
Finance Lease	Siemens Financial Services Private Limited	480,454	Rental	Un Paid	Feb-24
Secured Loan	Tata Capital Financial Services Limited	184,102	Both	Un Paid	Feb-24
Unsecured Loan	Tata Capital Financial Services Limited	91,558	Both	Un Paid	Feb-24
Unsecured Loan	Aditya Birla Finance Limited	187,237	Both	Un Paid	Feb-24
Unsecured Loan	Aditya Birla Finance Limited	31,807	Both	Un Paid	Feb-24
Secured Loan	Jain Sons (Ashv Finance Limited)	119,304	Both	Un Paid	Feb-24
Unsecured Loan	Magma Fincorp Limited	59,709	Both	Un Paid	Feb-24
Unsecured Loan	Moneywise Financial Services Private Limited	96,412	Both	Un Paid	Feb-24
Secured Loan	HDFC Bank Limited	148,462	Interest	24 Days	Mar-24
Secured Loan	HDFC Bank Limited	1,162,649	Both	78 Days	Mar-24
Secured Loan	HDFC Bank Limited	18,341	Both	26 Days	Mar-24
Secured Loan	Hero Fincorp Limited	147,022	Both	Un Paid	Mar-24
Secured Loan	Hero Fincorp Limited	286,456	Both	Un Paid	Mar-24
Secured Loan	Small Industries Development Bank of India	639,072	Both	88 Days	Mar-24
Secured Loan	Small Industries Development Bank of India	171,427	Both	88 Days	Mar-24
Finance Lease	Siemens Financial Services Private Limited	480,454	Rental	Un Paid	Mar-24
Secured Loan	Tata Capital Financial Services Limited	181,350	Both	Un Paid	Mar-24
Unsecured Loan	Tata Capital Financial Services Limited	91,558	Both	Un Paid	Mar-24
Unsecured Loan	Aditya Birla Finance Limited	187,237	Both	Un Paid	Mar-24
Unsecured Loan	Aditya Birla Finance Limited	31,807	Both	Un Paid	Mar-24
Secured Loan	Jain Sons (Ashv Finance Limited)	119,304	Both	Un Paid	Mar-24
Unsecured Loan	Magma Fincorp Limited	59,709	Both	Un Paid	Mar-24
Unsecured Loan	Moneywise Financial Scrvice3 Private Limited	96, 12	Both	Un Paid	Mar-24

(b) In our opinion and according to the information and explanations given to us, the company has not been a declared willful defaulter by any bank or financial institution or other lender.

(c)ln our opinion and according to the information and explanations given to us, the loans were applied for the purpose for which the loans were obtained.

(d)ln our opinion and according to the information and explanations given to us, there are no funds raised on short term basis which have been utilized for long term purposes.

(e) In our opinion and according to the information and explanations given to us, 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.

(f) In our opinion and according to the information and explanations 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) Utilization of Money Raised by Public Offers and Term Loan for which they Raised

(a) The Company has raised money by way of Right Issue offer during the year. Therefore, the provisions of Clause (x) (a) of paragraph 3 of the order are applicable to the Company and the details have been mentioned in Emphasis of Matters Para 4 (2) of this Independent Audit report.

(b) In our opinion and according to the information and explanations given to us, the company has not made preferential allotment or private placement of shares during the year. In our opinion & as per explanation given to us, the requirements of section 42 and section 62 of the Companies Act, 2013 have been complied with and the funds raised have been used for the purposes for which the funds were raised.

(xi) Reporting of Fraud during the Year & Whistle blower complaints a) To the best of our knowledge and according to the Information and explanations given to us, no fraud by the company or any fraud on the Company by its officers or employees during the year has been noticed or reported. The management has also not reported any case of fraud during the year.

(b) During the year no report under sub-section (12) of section 143 of the Companies Act has been filed by the auditors in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government.

(c) As auditor, we did not receive any whistle- blower complaint during the year.

(xii) Compliance by Nidhi Company Regarding Net Owned Fund to Deposits Ratio

The company is not a Nidhi Company. Therefore, the provisions of Clause (xii) of paragraph 3 of the order are not applicable to the Company.

(xiii) Related party compliance with Section 177 and 188 of companies Act - 2013

As per the information and explanations received to us all transactions with the related parties are in compliance with the provisions of sections 177 and 188 of Companies Act where applicable, and the details have been disclosed in the standalone financial statements, etc., as required by the applicable accounting standards. Identification of related parties were made and provided by the management of the company.

(xiv) Appointment of Internal Auditor:

a.) The company is covered by section 138 of the Companies Act, 2013, related to appointment of internal auditor of the company. The company has an internal audit system commensurate with the size and nature of its business. As per information and explanation provided to us, the company has appointed an Internal Auditor for the year under audit.

b.) However there was no proper quarterly and annual Internal Audit plan and documentation of the quarterly/ annual audit available. The Internal Auditor has not covered many areas for audit i.e., Inventory, Financing, Human Resources, confirmations from Trade Receivables and Trade Payables, Compliance and Information Technology (IT systems). Company should re-visit the existing internal audit plans and procedures and strengthen them since there are requirement of improvements.

(xv) Compliance under section 192 of Companies Act - 2013

The Company has not entered into any non-cash transactions with directors or persons connected with him for the year under audit. Therefore, the provisions of Clause (xv) of paragraph 3 of the order are not applicable to the Company.

(xvi) Requirement of Registration under 45-IA of Reserve Bank of India Act, 1934

(a) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. (b) The company has not conducted any Non-Banking Financial or Housing Finance activities during the year. (c) The company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India (d) As per the information and explanations received, the group does not have any CIC as part of the group. (xvii) The company has incurred cash loss during the current financial year.

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

(xix) On the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, continuous decline in the turnover of the company, year on year losses, increase in more than One year balances of the Debtors and Creditors of Rs. 1653.10 Lacs and Rs. 2438.87 Lacs respectively, delays & defaults in the repayment of bank loan, irregularity in depositing its statutory dues including TDS & GST etc. and other information accompanying the financial statements, the auditors knowledge of the Board of Directors and management plans, we are of the opinion that there exists material uncertainty as on the date of the audit report about the company 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. However, in the opinion of the management the company will have the sufficient internal cash accruals in the next financial year to meet its current liabilities.

(xx) Corporate Social Responsibility Expenditure a.) Company has incurred losses during the current and previous year. Therefore it is not required to spend any amount on CSR activities since the provisions of CSR are not applicable on the company.

In the opinion of directors of the Company there Is no unspent amount which is required to be deposited in a fund specified in the schedule VII to the Companies Act with in specified time period. b. There is no remaining unspent amount under sub section 5 of section 135 of the Companies Act, pursuant to any ongoing project. Therefore, no amount was required to be transferred to special account as per the provisions of sub section (6) of section 135 of the said Act.

(xxi) The company has not made investments in any subsidiary company. Therefore, the company does not require to prepare consolidated financial statement.