Muzali Arts Ltd Auditor Reports

To

The Members Of Muzali Arts Limited

Report On the Audit Of The Financial Statements

Disclaimer of Opinion

We have audited the accompanying Statement of standalone financial results of MUZALI
ARTS LIMITED ("the Company"), for the quarter and year ended 31 March 2024
("Statement"), attached herewith, being submitted by the Company pursuant to the
requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended (the "Listing Regulations").

We do not express any opinion on the accompanying financial statements of the entity
because of the significance of the matters described in the basis for disclaimer of opinion
section of our report. Due to our inability to obtain sufficient appropriate audit evidence,
particularly regarding the matters described in the Basis for Disclaimer of Opinion section,
we are unable to form an opinion on the fairness of these standalone financial statements in
all material respects.

Basis for Disclaimer of opinion

• The company has written off Creditor amounting to Rs 15,74,393.30, advance
payment amounting to Rs 11,56,300 & other balance written off amounting to Rs
9,75,000.00, Due to lack of proper documentation for the creditor written-off ,
advances written off & other balance written off raises concerns about the
completeness and accuracy of the accounts payable balance / advances balances
and the adequacy of the companys internal controls over financial reporting.
Without sufficient evidence, we cannot determine whether the write-off is appropriate
and whether the financial statements fairly present the companys financial position
and results of operations.

• As per the financial statement, all the interest income was not recognized during the
period under audit, we requested an explanation from the management regarding
the omission of interest income. However, we did not receive any satisfactory
explanation as to why interest income was not recognized for the entire period. In the
absence of any information regarding the interest receivable to be booked, we are
unable to comment on the impact of this on companys financial position and results
of operations.

• We noted a significant deficiency in the documentation of sales transactions that
occurred in the fourth quarter with no invoice, ewaybill and GST return on record for
verification. The lack of proper documentation for these sales transactions limited
our ability to obtain sufficient appropriate audit evidence to support the accuracy
and completeness of sales revenue recorded in the fourth quarter. This significantly
impacts our assessment of the risk of material misstatement in the financial
statements. Due to this we are unable to comment on whether the financial
statements fairly present the companys financial position and results of operations.

• The Company failed to provide us with the GST reconciliation statement / GST
return for the period under review. These reconciliation / return statement are
crucial for verifying the accuracy and completeness of GST-related entries in the
financial statements. In the absence of the same, we are unable to comment on the
financial position and result of operations.

• Lack of Supporting Documentation for Professional Fees & Employee Benefit Details.
This limitation restricted our ability to verify the accuracy and completeness of
expenses related to professional fees & Employee Benefit Exp. In the absence of the
same, we are unable to comment on the financial position and result of operations.

• The company has not recorded expenses for electricity, warehouse rent, and
employee provident fund contributions. The omission of expenses will result in an
understatement of expenses and an overstatement of net income for the period. In
the absence of the same, we are unable to comment on the financial position and
result of operations.

• As per the financial statement, the total trade receivable outstanding amounts to Rs.
1,83,80,138,41/- and trade payable amounts to Rs. 15,92,102.40/- as on March 31,
2024. We are unable to obtain independent balance confirmations and perform any
alternate procedures. We are unable to comment if any adjustments to the carrying
value of trade receivable and trade payable is required if any.

• As per the financial statement, the total Loan given amounting to Rs 5,08,28,307.00
and loan taken amounting to Rs 24,33,609 as on March 31, 2024. We are unable to
obtain independent balance confirmations and perform any alternate procedures. In
the absence of the same, we are unable to comment on the carrying value of Loan
given.

• Under the Micro, Small and Medium Enterprises Development Act, 2006 certain
disclosures are to be made relating to Micro, Small and Medium Enterprises. The
company has sought relevant information from its suppliers / providers of services
under the Act, and since the relevant information has not been shared with us, we
are unable to comment on the impact if any applicable.

• The amount represented under the head (Cash in hand), we have not been provided
by the management with any appropriate information, explanation and justification
for such a cash balance as well as transactions carried out by the company in cash.
On account of this and in the absence of documentation we are unable to verify and
form an opinion on such cash and cash transactions carried out by the company.

• Secretarial Compliances have not been done by the company since last two financial
year. Also presently there is no compliance officer in the company who can be held
responsible for this. Due to this we are unable to comment on the penal / legal
consequences on the financial position and result on operations.

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified
under section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under
those SAs are further described in the Auditors Responsibilities for the Audit of the
Financial Results 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 statement under the
provisions of the Act, and the Rules there under, 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 statement.

Emphasis of Matters

The companys continued existence is severely threatened. Since October 2023, it has
operated without any employees, has liquidated its entire inventory at a loss, No steps have
been taken by the company to lift the trading suspension imposed by the Bombay Stock
Exchange (BSE) and has completely neglected its secretarial obligations. These critical
factors cast serious doubt on the companys ability to remain in business. These conditions
indicate uncertainty that may cast significant doubt on the companys ability to continue as
going concern.

Our opinion is not modified in respect of these matters

Information other than the financial statements and auditors report thereon

The Companys board of directors is responsible for the preparation of the other information.
The other information comprises the information included in the Boards Report including
Annexures to Boards Report, Business Responsibility Report but does not include the
financial statements and our auditors report thereon.

Our opinion on the 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 financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially
inconsistent with the standalone financial statements or our knowledge obtained during the
course of our audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement
of this other information; we are required to report that fact. We have nothing to report in
this regard.

Managements Responsibility for the Financial Statements

The Companys board of directors are responsible for the matters stated in section 134 (5) of
the Act with respect to the preparation of these financial statements that give a true and fair
view of the financial position, financial performance including other comprehensive income,
cash flows and changes in equity 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
financial statement that give a true and fair view and are free from material misstatement,
whether due to fraud or error.

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

The board of directors are also responsible for overseeing the Companys financial reporting
process.

Auditors Responsibility for the Audit of Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial results, 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 results.

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 results,
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 but not for the purpose
of expressing an opinion on the effectiveness of the Companys internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures in the financial results made by the
Board of Directors.

• Conclude on the appropriateness of the Board of Directors 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 financial results 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 financial results,
including the disclosures, and whether the financial results represent the underlying
transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial results that, individually or in
aggregate, makes it probable that the economic decisions of a reasonably knowledgeable
user of the financial results may be influenced. We consider quantitative materiality and
qualitative factors in (i) planning the scope of our audit work and in evaluating the results of
our work; and (ii) to evaluate the effect of any identified misstatements in the financial
results.

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.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2016 (‘the Order" issued by the
Central Government of India in terms of Section 143(11) of the Act, we give in
"Annexure A" s statement on the matters specified in paragraphs 3 and 4 of the Order
to the extent applicable.

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

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

(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. Except
for the matters stated in the paragraph 2(i)(v) below, on reporting under Rule
11(g) of the Companies ( Audit and Auditors) Rules, 2014 .

(c) The Balance Sheet, the Statement of Profit and Loss (including Other
Comprehensive Income), Statement of Changes in Equity and the Statement of

Cash Flow dealt with by this Report, are in agreement with the books of
account.

(d) Except for the possible effects of the matters described in point 6 related to
provision for accrued liability for the year in respect of gratuity and long-term
compensated absences in the basis for qualified opinion section of our report,
the aforesaid financial statements comply with the Ind AS specified under
Section 133 of the Act and the rules made there under, as applicable.

(e) We have not received any data from the management on the disqualification of
director, in the absence of adequate information we cannot comment if any
directors is disqualified as on March 31, 2024 from being appointed as a
director in terms of Section 164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financial
reporting of the company and the operating effectiveness of such controls, refer
to our separate Report in "Annexure B.

(g) With respect to the matter to be included in the Auditors Report under section
197(16) as the company has not paid any remuneration to its Director during
the current year, the said clause is not applicable.

(h) The modification relating to the maintenance of accounts and other matters
connected therewith are stated in the paragraph 2(i)(v) above on reporting under
section 143(3)(b) of the Act and paragraph 2(i)(v) below on reporting under Rule
11(g) of the Companies ( Audit and Auditors) Rules, 2014.

(i) 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, as
amended, 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 pending litigation on its financial
position in its financial statements. Refer Note 15 to the Financial Statements.

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

iii. There was no amount which were required to be transferred to the Investor
Education and Protection Fund by the Company.

iv. 1) The Management has represented that, to the best of its knowledge and
belief, no funds (which are material either individually or in the aggregate) have
been advanced or loaned or invested (either from borrowed funds or share
premium or any other sources or kind of funds) by the Company to or in any
other person or entity, including foreign entity ("Intermediaries"), with the
understanding, whether recorded in writing or otherwise, that the Intermediary
shall, 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;

2) The Management has represented, that, to the best of its knowledge and belief, no funds
(which are material either individually or in the aggregate) have been received by the
Company from any person or entity, including foreign entity ("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;

3) Based on the audit procedures that have been considered reasonable and appropriate in
the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b)
above, contain any material misstatement.

v. Based on our examination which included test checks and information given to
us, The accounting software used for maintaining its books of account did not
have a feature of recording audit trail (edit log) facility throughout the year for
all relevant transactions recorded in the respective software. Hence we are
unable to comment on audit trail feature of the said software.

4) No dividend declared and paid during the year by the Company, hence no such
compliance with Section 123 of the Act applicable to the company.

For Gupta Ravi & Associates.

Chartered Accountants

Firms Registration Number: 006970N

CA Akhil Sharma

Partner

Membership Number: 225300

UDIN: 24225300BKFGWK4365

Date: 07/12/2024

Place: Mumbai

ANNEXURE - A TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 1 under "Report on Other Legal and Regulatory Requirements" of
Independent Auditors Report on the financial statements for the year ended 31st March
2024)

With reference to the Annexure A 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:

1. In respect of the Companys Property, Plant & Equipment and Intangible Assets:

(a) (i) The record maintained by the company showing full particulars including
quantitative details and situation of Property, Plant and equipment was not available for our
verification and as stated by the management, it has not so far been able to find the
misplaced record. The management has also represented that it will get the said records
rebuilt. In the circumstances, we are unable to make any comment with regard to the said
records;

(ii) As explained to us the company does not own any intangible assets;

(b) As explained to us Property, Plant and Equipment have not been physically verified
by the management at regular intervals.

(c) As represented by the management, there are no immovable fixed asset in the name of
the company.

(d) According to the information and explanations given to us, the Company has not
revalued its property, plant and Equipment (including Right of Use assets) Accordingly, the
requirements under paragraph 3(i)(d) of the Order are not applicable to the Company.

(e) According to the information and explanations given to us,no proceeding has been
initiated or pending against the Company for holding benami property under the Benami
Transactions (Prohibition) Act, 1988 and rules made thereunder. Accordingly, the provisions
stated in paragraph 3(i) (e) of the Order are not applicable to the Company.

2. (a) In the absence of any physical verification report we are unable to comment
whether the inventory has been physically verified by the management during the
year at reasonable intervals and no material discrepancies were noticed on physical
verifications.

(b) According to the information and explanations provided to us, the Company has not
been sanctioned working capital limits in excess of Rs. 5 crores in aggregate from
Banks/financial institutions on the basis of security of current assets.. Accordingly, the
requirements under paragraph 3(ii)(b) of the Order is not applicable to the Company.

3. According to the information explanation provided to us, 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. Hence, the requirements under
paragraph 3(iii) of the Order are not applicable to the Company.

4. In our opinion and according to the information and explanations given to us, the
Company has not either directly or indirectly, granted any loan to any of its
directors or to any other person in whom the director is interested, in accordance
with the provisions of section 185 of the Act and the Company has not made
investments through more than two layers of investment companies in accordance
with the provisions of section 186 of the Act. Accordingly, provisions stated in
paragraph 3(iv) of the Order are not applicable to the Company.

5. In our opinion and according to the information and explanations given to us, the
Company has not accepted any deposits from the public and hence the directives

issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any
other relevant provisions of the Act and the Companies (Acceptance of Deposit)
Rules, 2015 with regard to the deposits accepted from the public are not applicable

6. According to the information and explanation given to us, the maintenance of cost
records as specified by the Central Government under sub section (1) of section 148
of the Companies Act, 2013 is not applicable to the company. Hence, the provisions
stated in paragraph 3(vi) of the order are not applicable to the company

7. (a) According to the information and explanation given to us, employees state insurance, sales-tax, wealth tax, duty of customs, duty of excise, are not applicable to the
company. The Company is regular in depositing undisputed statutory dues including
income tax, value added tax, Goods and Service Tax, Profession tax, provident fund, and
other statutory dues with the appropriate authorities during the year, except for profession
tax, provident fund & Income tax.

According to the information and explanation given to us, no undisputed amounts payable
were in arrears, as at 31st March, 2024 for the period of more than six months from the
date they became payable except for profession tax Rs. 68497, employees share of provident
fund Rs. 20410, Employers share of provident fund Rs. 9162.

(b) According to the information and explanations given to us, there are no dues of Goods
and Service Tax, provident fund, Employees State Insurance, income-tax, sales-tax, wealth
tax, service tax, duty of customs, duty of excise, value added tax, cess and any other
statutory dues which have not been deposited on account of any dispute.

8. According to the information and explanations given to us, there are no
transactions which are not accounted in the books of account which have been
surrendered or disclosed as income during the year in Tax Assessment of the
Company. Also, there are no previously unrecorded income which has been now
recorded in the books of accounts. Hence, the provision stated in paragraph 3(viii)
of the Order is not applicable to the Company.

9. (a) In our opinion and according to the information and explanations given to us,
the Company has not defaulted in repayment of loans or borrowings or in payment
of interest thereon to any lender.

(b) According to the information and explanations given to us and on the basis of our audit
procedures, we report that the company has not been declared wilful defaulter by any bank
or financial institution or government or any government authority.

(c) In our opinion and according to the information explanation provided to us, no money
was raised by way of term loans. Accordingly, the provision stated in paragraph 3(ix)(c) of
the Order is not applicable to the Company.

(d) According to the information and explanations given to us, and the procedures
performed by us, and on an overall examination of the standalone financial statements of
the company, we report that no funds raised on short-term basis have been used for long-
term purposes by the company.

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

10. (a) The Company did not raise any money by way of initial public offer or further
public offer (including debt instruments) during the year. Accordingly, the
provisions stated in paragraph 3 (x)(a) of the Order are not applicable to the
Company.

(b) According to the information and explanations given to us and based on our examination
of the records of the Company, the Company has not made any preferential allotment or
private placement of shares or fully, partly or optionally convertible debentures during the
year. Accordingly, the provisions stated in paragraph 3 (x)(b) of the Order are not applicable
to the Company.

11. (a) During the course of our audit, examination of the books and records of the
Company, carried out in accordance with the generally accepted auditing practices in India,
and according to the information and explanations given to us, we have neither come across
any instance of fraud by the Company nor on the Company.

(b) We have not come across of any instance of fraud by the Company or on the Company
during the course of audit of the financial statement for the year ended March 31, 2024,
accordingly the provisions stated in paragraph (xi)(b) of the Order is not applicable to the
Company.

(c) As represented to us by the management, there are no whistle-blower complaints
received by the Company during the year. Accordingly, the provisions stated in paragraph
(xi)(c) of the Order is not applicable to company.

12. In our opinion and according to the information and explanations given to us, the
Company is not a Nidhi Company. Accordingly, the provisions stated in paragraph
3(xii) (a) to (c) of the Order are not applicable to the Company.

13. According to the information and explanations given to us, the companies has
undertaken transactions with the related parties and are in compliance with s. 177
and s. 188, of the Act, during the year. Also the related party disclosures as
required by the relevant accounting standards have been disclosed in the
standalone financial statement.

14. (a) In our opinion the company has adequate internal audit system commensurate
with the size and the nature of its business refer disclaimer of opinion para of main
audit report.

(b) The reports of the Internal Auditor for the period under audit have been
considered by us.

15 According to the information and explanations given to us in our opinion
during the year the Company has not entered into non-cash transactions with
directors or persons connected with its directors and hence, provisions of
section 192 of the Act are not applicable to company. Accordingly, the
provisions stated in paragraph 3(xv) of the Order are not applicable to the
Company.

16 (a) In our opinion, the Company is not required to be registered under section
45 IA of the Reserve Bank of India Act, 1934 and accordingly, the provisions
stated in paragraph clause 3 (xvi)(a)of the Order are not applicable to the
Company.

(b) In our opinion, the Company has not conducted any Non-Banking Financial or Housing
Finance activities without any valid Certificate of Registration from Reserve Bank of India.
Hence, the reporting under paragraph clause 3 (xvi)(b) of the Order are not applicable to the
Company.

(c) The Company is not a Core investment Company (CIC) as defined in the regulations
made by Reserve Bank of India. Hence, the reporting under paragraph clause 3 (xvi)(c) of the
Order are not applicable to the Company.

(d) The Company does not have any CIC as part of its group. Hence the provisions stated in
paragraph clause 3 (xvi) (d) of the order are not applicable to the company

17 Based on the overall review of the financial statements, Company has incurred
cash losses amounting to Rs. 118.53 Lakh during the current financial year
and Rs.328.09 Lakh in the immediately preceding financial year.

18 There has been no resignation of the statutory auditors during the year.
Hence, the provisions stated in paragraph clause 3 (xviii) of the Order are not
applicable to the Company.

19 According to the information and explanations given to us and based on our
examination of financial ratios, ageing and expected date of realisation of
financial assets and payment of liabilities, other information accompanying
the financial statements, our knowledge of the Board of Directors and
management plans, we are of the opinion that there is material uncertainty
exists as on the date of audit report and the Company may not be 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.

20 According to the information and explanations given to us, the provisions of
section 135 of the Act are not applicable to the Company. Hence, the
provisions of paragraph (xx)(a)to(b) of the Order are not applicable to the
Company.

21 According to the information and explanations given to us, the Company does
not have any Subsidiary, Associate or Joint Venture. Accordingly, reporting
under clause 3(xxi) of the Order is not applicable.

For Gupta Ravi & Associates.

Chartered Accountants

Firms Registration Number: 006970N

CA Akhil Sharma

Partner

Membership Number: 225300

UDIN: 24225300BKFGWK4365

Date: 07/12/2024

Place: Mumbai

Annexure -B to the Auditors Report

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

We have audited the internal financial controls over financial reporting of MUZALI ARTS
LIMITED ("hereinafter referred to as "the Company") as of 31 March 2024 in conjunction
with our audit of the standalone financial statements for the year ended on that date.

Management and Board of Directors Responsibility for Internal Financial Controls

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

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls with
reference to consolidated financial statements based on our audit conducted in accordance
with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the
"Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be
prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an
audit of internal financial controls, both applicable to an audit of Internal Financial Controls
and, both issued by the Institute of Chartered Accountants of India.

Because of the matter described in the Disclaimer of Opinion paragraph below, we were not
able to obtain sufficient appropriate evidence to provide a basis for an audit opinion on
internal financial controls system with reference to these consolidated financial statements.

Meaning of Internal Financial Controls over Financial Reporting

A companys internal financial control over financial reporting is a process designed to
provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A companys internal financial control over financial
reporting includes those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorisations 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.

Disclaimer of Opinion

Due to the possible effects of the matters described in the Basis for Disclaimer of Opinion
paragraph in our main audit report, we are unable to obtain sufficient appropriate audit
evidence to provide a basis for our opinion on whether the Company had adequate internal
financial controls over financial reporting as at March 31, 2024 and whether such internal
financial controls were operating effectively. Accordingly, we do not express an opinion on
Internal Financial Controls over Financial Reporting.

For Gupta Ravi & Associates.

Chartered Accountants

Firms Registration Number: 006970N

CA Akhil Sharma

Partner

Membership Number: 225300

UDIN: 24225300BKFGWK4365

Date: 07/12/2024

Place: Mumbai