Panjon Ltd Auditor Reports

To

The Members PANJONLIMITED

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of PANJON LIMITED (‘the Company),which comprise the standalone balance sheet as at 31 March 2023, the standalone statement ofprofit andloss (including other comprehensive income),standalone statement of changes inequityandstandalonestatementofcashflowsfortheyearthenended,andnotestothestandalone financial statements, including a summary of the significant accounting policies andotherexplanatoryinformation(hereinafterreferredtoas‘thestandalonefinancialstatements).

Inouropinionandtothebestofourinformationandaccordingtotheexplanationsgiventous,the aforesaid standalone financial statements give the information required by the Companies Act, 2013 (‘the Act) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of theCompanyasat31March2023,its profit, other comprehensive income, changes in equity and its cash flows for the year the ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statement in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act,2013. Our responsibilities under those SAs are further described in the Auditors Responsibilities for the Audit of the Standalone Financial Statements section of ourreport.WeareindependentoftheCompanyinaccordancewiththeCodeofEthicsissuedbythe Institute of Chartered Accountants of India together with the ethical requirements that arerelevant to our audit of the standalone financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance withtheserequirementsandtheCodeofEthics.Webelievethattheauditevidencewehaveobtainedissufficientand appropriatetoprovideabasisforouropiniononthestandalonefinancialstatements.

Key Audit Matters

Key audit matters (‘KAM) are those matters that, in our professional judgment, were of mostsignificanceinouraudit ofthestandalonefinancial statementsofthecurrent period.Thesematters were addressed in the context of our audit of the standalone financial statements as awhole, for the year ended March 31,2023 and in forming our opinion thereon, and we do not provide a separate opinion on thesematters.

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 Boards Report including Annexure to Boards Report, Management Discussion and Analysis corporate Governance and Share Holders information, but does not include the stand alone

The Companys Board of Directors is responsible for the other information. Theother information comprises the information included in the Boards Reportincluding Annexures to Boards Report, Management Discussion and Analysis,Corporate Governance and Shareholders Information, but does not include thestandalonefinancialstatementsandourauditorsreportthereon.

Our opinion on the standalone financial statements does not cover the otherinformationandwedonotexpressanyformofassuranceconclusionthereon.

Inconnectionwithourauditofthestandalonefinancialstatements,ourresponsibilityistoreadtheotherinfo rmationand,indoingso,considerwhetherthe other information is materially inconsistent with the standalone financialstatementsorourknowledgeobtainedduringthecourseofourauditorotherwiseappearstobemat eriallymisstated.

If, based on the work we have performed, we conclude that there is a materialmisstatement of this other information, we are required to report that fact. Wehavenothingtoreportinthisregard.

ManagementsResponsibility for the Standalone Financial Statements

TheCompanysBoardofDirectorsisresponsibleforthemattersstatedinSection 134(5) of the Act with respect to the preparation and presentation ofthesestandalonefinancialstatementsthatgiveatrueandfairviewofthefinancialposition,financialperfo rmance(includingothercomprehensiveincome),changesinequityandcashflowsoftheCompanyinaccord ancewiththeaccounting principles generally accepted in India, including the Ind AS specifiedunderSection133oftheActreadwiththeCompanies(IndianAccountingStandards)Rules,2015,a samended.

Thisresponsibilityalsoincludesmaintenanceofadequateaccountingrecordsinaccordance with the provisions of the Act for safeguarding the assets of theCompany and for preventing and detectingfraudsandotherirregularities;selectionandapplicationofappropriateaccountingpolicies;mak ingjudgements and estimates that are reasonable and prudent; and the design,implementation and maintenance of adequate internal financial controls, thatwere operating effectively for ensuring the accuracy and completeness of theaccountingrecords,relevanttothepreparationandpresentationofthestandalone financial statements that give a true and fair view and are free frommaterialmisstatement,whetherduetofraudorerror.

Inpreparingthestandalonefinancialstatements,managementandBoardofDirectorsareresponsible for assessing the Companys ability to continue as a going concern, disclosing, asapplicable, matters related to going concern and using the going concern basis of accountingunlessmanagementandtheBoardofDirectorseither intend to liquidate theCompany ortoceaseoperations,orhasnorealisticalternativebuttodo so.

The Board of Directors is also responsible for overseeing the Companys financial reportingprocess.

AuditorsResponsibilitiesfortheAuditoftheStandaloneFinancialStatements

Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthestandalonefinancialstatements as a whole are free from material misstatement, whether due to fraud or error, and toissue an auditors report that includes our opinion.Reasonable assurance is ahigh levelofassurance, but is not a guarantee that an audit conducted in accordance with SAs will alwaysdetectamaterialmisstatementwhenitexists.Misstatements can arise from fraud or error andare considered material if, individually or in the aggregate, they could reasonably be expected toinfluencetheeconomicdecisionsofuserstaken onthebasisofthesestandalonefinancialstatements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintainprofessionalskepticismthroughouttheaudit.Wealso:

? Identifyandassesstherisksofmaterialmisstatementofthestandalonefinancialstatements, whether due to fraud or error, design and perform audit procedures responsive tothose risks, and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud is higherthanforoneresultingfromerror,asfraudmayinvolvecollusion,forgery,intentionalomissions,misreprese ntations,ortheoverrideofinternalcontrol.

? Obtain an understanding of internal control relevant to the audit in order to design auditprocedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, wearealsoresponsibleforexpressingouropiniononwhethertheCompanyhasinplaceadequateinternal financial controlswith referencetostandalonefinancial statements andtheoperating effectivenessofsuchcontrols.

? Evaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccounting estimates andrelateddisclosuresmade by management andBoardofDirectorsinthestandalonefinancialstatements.

? Conclude on the appropriateness of managements and Board of Directors use of the goingconcern basis of accounting and, based on the audit evidence obtained, whether a materialuncertainty exists relatedtoevents or conditions thatmay cast significant doubtontheCompanysabilitytocontinueasagoingconcern.Ifweconcludethatamaterialuncertainty exists, we are required to draw attention in our auditors report to the relateddisclosures in the standalone financial statements or, if such disclosures are inadequate, tomodify our opinion.Our conclusions arebasedontheauditevidenceobtaineduptothedate ofour auditors report. However,futureevents or conditions may causetheCompanytoceasetocontinueasagoingconcern.

? Evaluatetheoverallpresentation,structureandcontentofthestandalonefinancialstatements,includingthediscl osures,andwhetherthestandalonefinancialstatementsrepresenttheunderlyingtransactionsandeventsinama nnerthatachievesfairpresentation.

? Obtained sufficient appropriate audit evidence regarding the financial information of the entity within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the audit of the financial statements of such entities included in the consolidated financial statements.

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

Wecommunicatewiththosechargedwithgovernanceregarding,amongothermatters,theplanned scope and timing of the audit and significant audit findings, including any significantdeficiencies ininternalcontrolthatweidentifyduringour audit.

We also provide those charged with governance with a statement that we have complied withrelevantethicalrequirementsregardingindependence,andtocommunicatewiththemallrelationships and other matters that may reasonably be thought to bear on our independence, andwhereapplicable,relatedsafeguards.

Fromthematterscommunicatedwiththosechargedwithgovernance,wedeterminethosematters that were of most significance in the audit of the standalone financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in our auditorsreport unless law or regulation precludes public disclosure about the matter or when, in extremelyrarecircumstances,wedeterminethatamattershouldnotbecommunicatedinourreportbecausethe adverseconsequences ofdoing so would reasonably beexpected to outweighthepublicinterestbenefitsofsuchcommunication.

ReportonOtherLegalandRegulatoryRequirements

1.As required by the Companies (Auditors Report) Order, 2020 ("the Order") issued by theCentral Government of India in terms of section 143(11) of the Act, we give in the "Annexure A"astatementonthemattersspecifiedinparagraphs3and4oftheOrder,totheextentapplicable.

2. AsrequiredbySection143(3)oftheAct,wereportthat:

(a) Wehavesoughtandobtainedalltheinformationandexplanationswhichtothebestofourknowledgeandbeliefwer enecessaryforthepurposesofouraudit. (b) Inouropinion,properbooksofaccountasrequiredbylawhavebeen keptbytheCompany sofarasitappearsfromourexaminationofthosebooks. (c) Thestandalonebalance sheet,thestandalonestatementofprofitandloss(includingother comprehensive income),the standalone statement of changes in equity and thestandalone statement of cash flows dealt with by this Report are in agreement with thebooksofaccount. (d) In our opinion, the aforesaid standalone financial statements comply with the Ind ASspecifiedundersection133oftheAct. (e) On the basis of the written representations received from the directors as on 31 March2023takenon recordbytheBoardofDirectors,noneofthedirectorsisdisqualifiedas on 31 March2023 from being appointedas adirector in terms ofsection164(2)oftheAct. (f) On Withrespecttotheadequacyoftheinternalfinancialcontrolswithreferencetostandalone financial statements of the Company and the operating effectiveness of suchcontrols,refertoourseparateReportin"AnnexureA".

(g) With respect to the matters to be included in the Auditors Report in accordance with requirement of Sec

197(16) of the Act, as amended.

(h) With respect to the other matters to be included in the Auditors Report in accordance withRule11oftheCompanies(AuditandAuditors)Rules,2014,inouropinionandtothebestofour informationandaccordingtotheexplanationsgiventous: i. The Company has disclosed the impact of pending litigations as at 31 March 2023 on itsfinancial position in its standalone financial statements - Refer Note 30 to the standalonefinancialstatements. ii. Provision has been made in the standalone financial statements, as required under theapplicablelaworIndAS,formaterialforeseeablelossesonlong-termcontractsincludingderivativecontracts.ReferNote16tothestandalonefinancialstatements. iii. Therehasbeennodelayintransferringamounts,requiredtobetransferred,totheInvestorEducationandProtecti onFundby theCompany. iv. WithrespecttothemattertobeincludedintheAuditorsReportundersection197(16)oftheAct: ii. (a)The Management has represented that, to the best of itsknowledge andbelief, no funds have been advanced orloaned or invested (either from borrowed funds or sharepremium or any other sources or kind of funds) by theCompanytoorinanyotherperson(s)orentity(ies),includingforeignentities("Intermediaries"),wit htheunderstanding, whether recorded in writing or otherwise,that the Intermediary shall, whether, directly or indirectlylend or invest in other persons or entities identified in anymannerwhatsoeverbyoronbehalfoftheCompany("UltimateBeneficiaries")orprovideanyguaran tee,securityorthelikeonbehalfoftheUltimateBeneficiaries[ReferNote55(vii)tothestandalonefinancial statements]; (b) The Management has represented that, to the best of itsknowledge and belief, no funds have been received by theCompanyfromanyperson(s)orentity(ies),includingforeign entities(" Funding Parties"),withtheunderstanding, whether recorded in writing or otherwise,that the Company shall, whether, directly or indirectly, lendorinvestinotherpersonsorentitiesidentifiedinanymanner whatsoever by or on behalf of the Funding

Party("UltimateBeneficiaries")orprovideanyguarantee,security or the like on behalf of the Ultimate Beneficiaries[ReferNote55(viii)tothestandalonefinancialstatements]; (c) Basedonsuchauditproceduresthathavebeenconsidered reasonable and appropriate in the circumstances, nothinghascometoournoticethathascausedustobelievethattherepresentations under sub-clause (i) and (ii) of Rule 11(e), asprovidedin(a)and(b)above,containanymaterialmisstatement. iii. Thedividendproposedinthepreviousyear,declaredandpaidbytheCompanyduringtheyearisinaccordan cewithSection123oftheAct,asapplicable.

TheBoardofDirectorsoftheCompanyhaveproposedfinaldividend for the year which is subject to the approval of themembers at the ensuing Annual General Meeting. The amount ofdividendproposedisinaccordancewithSection123oftheAct,asapplicable.

1. AsrequiredbytheCompanies(AuditorsReport)Order,2020("theOrder"), issued by the Central Government of India in terms of Section143(11) of the Act, we enclose in the "Annexure B", a statement on themattersspecifiedinparagraphs3and4oftheOrder,totheextentapplicable.

Inouropinionandaccordingtotheinformationandexplanationsgiventous,theremunerationpaidbytheCompan ytoitsdirectorsduringthecurrentyearisinaccordance with the provisions of section 197 of the Act. The remuneration paid to anydirector isnot in excess ofthelimits laid down under section 197ofthe Act.TheMinistry ofCorporate Affairshas not prescribed other details under section 197(16) oftheActwhicharerequiredtobecommenteduponbyus.

	M/S Giriraj & Lohiya
	Chartered Accountants
	FirmsRegistrationNo:006031C
Date: 25.05.2023	(CA Natwar Lal Bhatia)
	Partner
Place: Jaipur
	Membership No :076076
UDIN : 23076076BGYXFF9306

Annexure(A)totheIndependentAuditorsreportonthestandalonefinancialstatement of PANJON LTD.

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

ReportontheinternalfinancialcontrolswithreferencetotheaforesaidstandalonefinancialstatementsunderClau se(i)ofSub-section3ofSection143oftheCompaniesAct,2013

WehaveauditedtheinternalfinancialcontrolswithreferencetostandalonefinancialstatementsofPANJON LIMITED

("theCompany") asof 31March 2023 in conjunctionwithourauditofthestandalonefinancialstatementsoftheCompanyfortheyearthenended.

ManagementsResponsibilityforInternalFinancialControls

The Companys management and the Board of Directors are responsible for establishing andmaintaining internal financial controls based on the internal financial controls with reference tostandalone financial statements criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note. These responsibilities include thedesign,implementationandmaintenanceofadequateinternalfinancialcontrolsthatwereoperating effectively for ensuring the orderly and efficientconduct of its business, includingadherencetotheCompanyspolicies,thesafeguardingofitsassets,thepreventionanddetection offraudsand errors,theaccuracy and completenessoftheaccounting records,andthe timely preparation of reliable financial information, as required under the Companies Act,2013(hereinafterreferredtoas"theAct").

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls withreference tostandalone financial statements basedon our audit.We conductedour auditinaccordance with the Guidance Note and the Standards on Auditing, prescribed under section143(10)oftheAct,totheextentapplicabletoanauditofinternalfinancialcontrolswithreference tostandalone financial statements.ThoseStandardsandtheGuidanceNoterequirethat we comply with ethical requirements and plan and perform the audit to obtain reasonableassuranceaboutwhetheradequateinternalfinancialcontrolswithreferencetostandalonefinancialstatements wereestablishedandmaintainedandwhethersuchcontrolsoperatedeffectivelyin allmaterialrespects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of theinternal financial controls with reference to standalone financial statements and their operatingeffectiveness. Ourauditofinternal financialcontrolswithreferencetostandalonefinancialstatementsincludedobtaininganunderstandingofsuchinternalfin ancialcontrols,assessingthe risk that a material weakness exists, and testing and evaluating the design and operatingeffectiveness of internal control based on the assessedrisk. Theprocedures selected depend onthe auditors judgement, including the assessment of the risks of material misstatement of thestandalonefinancialstatements,whetherduetofraudorerror.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide abasisforourauditopinionontheCompanysinternalfinancialcontrolswithreferencetostandalone financial statements.

MeaningofInternalFinancialControlswithReferencetoStandaloneFinancialStatements

A companys internal financial controls with reference to standalone financial statements is aprocess designed to provide reasonable assurance regarding the reliability of financial reportingand the preparation of standalone financial statements for external purposes in accordance withgenerallyacceptedaccountingprinciples.Acompanysinternalfinancialcontrolswithreferencetostandalonefinancial statementsincludethosepoliciesandproceduresthat (1)Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonable assurance thattransactionsarerecordedasnecessarytopermitpreparationofstandalonefinancialstatementsin accordance with generally accepted accounting principles,andthat receipts andexpendituresofthecompanyarebeingmadeonlyinaccordancewithauthorizationsofmanagementanddirectors of the company; and (3) provide reasonable assurance regarding prevention or timelydetection ofunauthorizedacquisition, use, or disposition of the companysassetsthatcouldhaveamaterial effectonthestandalonefinancialstatements.

InherentLimitationsofInternalFinancialControlswithReferencetoStandaloneFinancialStatements

Because of the inherent limitations of internal financial controls with reference to standalonefinancial statements, including the possibility of collusion or improper management override ofcontrols, material misstatements due to error or fraud may occur and not be detected. Also,projections of any evaluation oftheinternalfinancialcontrolswithreferencetostandalonefinancialstatements to future periods aresubject to therisk that theinternal financial controlswithreferencetostandalonefinancialstatementsmaybecomeinadequatebecauseofchangesinconditions,orthatt hedegreeofcompliancewiththepoliciesorproceduresmaydeteriorate.

Opinion

In our opinion,the Company has,in allmaterial respects,adequate internalfinancialcontrolswithreferencetostandalonefinancialstatementsandsuchinternalfinancialcontrolswereoperat ingeffectivelyasat31March2023,basedontheinternalfinancialcontrolswithreferencetostandalonefinancialstatementsc riteriaestablishedbytheCompanyconsideringthe essential components of internal control stated in the Guidance Note on Audit of InternalFinancialControlsOverFinancialReportingissuedbytheInstituteofCharteredAccountantsofIndia(the"Guidance Note").

	M/S Giriraj & Lohiya
	Chartered Accountants
	FirmsRegistrationNo:006031C
	(CA Natwar Lal Bhatia)
Date: 25.05.2023	Partner
Place : Jaipur	MembershipNo:076076
UDIN 23076076BGYXFF9306

Annexure (B) of Independent Auditor Report

(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements section of our report to the

Members of Panjon Limited of even date)

WithreferencetotheAnnexureAreferredtointheIndependentAuditorsReporttothemembers of the Company on the standalone financial statements for the year ended 31 March2023,wereportthefollowing: (a)The Company has maintained proper records showing full particulars, includingquantitativedetailsandsituationofproperty,plantandequipment and fixed assets. The Company has a regular program of physical verification of its property, plantand equipment and fixed assets, by whichall property,plantandequipment and other fixed assets areverifiedin aphased manner every year. In our opinion, this periodicity ofphysical verification is reasonable having regard to the size of the Company andthenature of itsassets. Accordingly in phase manner all property,plantandequipmentand other fixed assets werephysicallyverifiedduringtheyearandnomaterialdiscrepancieswerenoticedonsuchverification. According to theinformation and explanationsgiven to us,the title deeds of all immovable properties are held in the name of Company as on the balance sheet date. In respect of immovable properties taken on lease and disclosed as right-of-use-assets inthe standalone financial statements, the lease agreements are in the nameoftheCompany. According to the information and explanations given to us and on thebasis of the books and records of the Company examined by us, theCompanyhasneitherrevaluedanyofitsProperty,PlantandEquipment (including Right-of-use Assets) nor revalued its IntangibleAssets during the year. Accordingly, reporting under clause 3(i)(d) oftheOrderisnotapplicable.

Accordingtotheinformationandexplanationsgiventous,noproceedings have been initiated or are pending against the CompanyforholdinganybenamipropertyundertheBenamiTransactions(Prohibitions)Act,1988(asamendedin2 016)andRulesmadethereunder.Accordingly,reportingunderclause3(i)(e)oftheOrderisnotapplicable.

Theinventory, except goods-in-transit,has been physically verified by the managementatreasonableintervalsduringtheyear.Inouropinion,thefrequencyofsuchverification is reasonable. In respect of inventory lying with third parties, these havesubstantiallybeenconfirmedbythem.Thediscrepanciesnoticedonverificationbetweenthephysicalstockandtheboo krecordswerenotmaterial. Accordingtotheinformationandexplanationsgiventous,theCompanyhasnotgrantedanyloans,securedorunsecuredtoco mpanies,firms,limitedliabilitypartnerships or other parties covered in the register maintained under section 189 of theAct. Accordingly, the provisions of paragraph 3(iii) (a), (b), (c) of the Order are notapplicable totheCompany.

The company has not granted any loanor provided any guarantees or security tothepartiescoveredundersection185oftheact.Thecompanyhascompliedwiththeprovision of section 186 of the act in respect of investment made or loans or guarantee orsecurity providedtothepartiescoveredundersection186. The Company has not accepted any deposits from the public within the meaning of thedirectives issued by the Reserve Bank of India, provisions of sections 73 to 76 of the Act,anyotherrelevantprovisionsoftheActandtherelevantrulesframedthere under. The Central Government has not prescribed the maintenance of cost records under section148oftheActforthepurposeofthistypeofcompany. (A)Accordingtotheinformationandexplanationsgiventousandonthe basisofourexaminationof the records of the Company, amounts deducted/ accrued in the booksof account in respect of undisputed statutory dues including Provident fund, EmployeesState Insurance, Income- tax,Goods andServicestax,Duty of Customs, Cess and anyotherstatutorydueshavegenerallybeenregularlydepositedduringtheyearbytheCompany with the appropriate authorities. As explained to us, the Company did not haveany dues onaccountofDutyofexcise, Salestax/GST.

According to the information and explanations given to us, no undisputed amountspayable in respect of Provident fund, Employees State Insurance, Income-tax, Goods andServices tax, duty ofCustoms,Cess and any other materialstatutory dues wereinarrearsas at 31 March 2023, for a period of more than six months from the date they becamepayable.

According to the information and explanations given to us, there are no dues ofIncome-tax or Sales tax or Service tax or Goods and Services tax or Duty of Customs orDuty of Excise or Value added tax which have not been deposited by the Company onaccountofdisputes,exceptforthefollowing:

Name of the statue	Nature of dues	Amount	Amount deposited	Net amount	Period to which the amount	Forum where dispute is pending
The central excise act, 1944	Excise duty	168000	143000	25000	F.Y. 2002-03	Superintendent (Central Excise)
VAT ACT	VAT TAX DEMAND	53118	0	53118	F.Y. 2016-17	Commercial Tax Officer
The ESI Act 1948	ESI	666800	0	666800	F.Y. 2012-13	Office of ERY Recovery Officer
The Central Sales Tax Act, 1956	CST	195497	0	195497	F.Y. 2016- 17	Undisputed
The Value Added Tax Act, 1956	VAT	126035	31635	94400	F.Y. 2017- 18 (Ist Quarter)	Appellate Deputy Commissioner Commercial Tax

According to the information and explanations given to us, the Companydidnothaveanytransactionrelatingtopreviouslyunrecordedincomethathave been surrendered or disclosed as income during the year in the taxassessmentsundertheIncome-taxAct,1961. a.According to the information and explanations given to us and on thebasis of the books and records of the Company examined by us, theCompanyhasnotdefaultedinrepaymentofloansorotherborrowingsorinthepaymentofinterestthereontoanyle nderduringtheyear.

According to the information and explanations given to us and on thebasis of our audit procedures, we report that the Company has notbeen declared wilful defaulter by any bank or financial institution orgovernmentoranygovernmentauthority.

According to the information and explanations given to us and on thebasis of the books and records of the Company examined by us, no termloanshavebeenobtainedbytheCompanyduringtheyear.Accordingly,reportingunderclause3(ix)(c)oftheOrde risnotapplicable.

According to the information and explanations given to us and on anoverall examination of the balance sheet of the Company, we reportthat funds raised on short-term basis have not been utilised for long-termpurposes.

According to the information and explanations given to us and on anoverall examination of the financial statements of the Company, wereportthatduringtheyeartheCompanyhasnottakenanyfundsfroman entity or person, on account of or to meet the obligations of itssubsidiariesorassociatecompanies.

Accordingtotheinformationandexplanationsgiventousandprocedures performed by us, the Company has not raised any loansduring the year on the pledge of securities held in its subsidiaries orassociatecompanies. X a. According to the information and explanations given to us and on the basis of the books and records of the Company examined by us, the Company has not raised any money by way of initial public offer orfurtherpublicoffer(includingdebtinstruments)duringtheyear.Accordingly,reportingunderclause3(x)(a)ofthe Orderisnotapplicable.

According to the information and explanations given to us and on thebasis of the books and records of the Company examined by us, theCompanyhasnotmadeanypreferentialallotmentorprivateplacementofsharesorconvertibledebentures(fully, partiallyoroptionally convertible) during the year. Accordingly, reporting underclause3(x)(b)oftheOrderisnotapplicable. a.On the basis of the books and records of the Company examined by usand according to the information and explanations given to us, wereport that no material fraud by the Company or any fraud on theCompanyhasbeennoticedorreportedduringtheyearinthecourseofouraudit.

To the best of our knowledge, no report under Section 143 (12) of theActhasbeenfiledbytheauditorsinFormADT-4asprescribedunderRule13ofCompanies(AuditandAuditors)Rules,2014withtheCentralGovernment,duringthe yearanduptothedateofthisreport.

Asrepresentedtousbythemanagement,theCompanyhasnotreceived any whistle-blower complaint during the year and upto thedateofthisreport

. The Company is not a Nidhi company. Accordingly, reporting under clause3(xii)oftheOrderisnotapplicabletotheCompany.

. According to the information and explanations given to us and on the basisofbooksandrecordsoftheCompanyexaminedbyus,transactionswiththerelated parties are in compliance with Sections 177 and 188 of the Act,where applicable, and the details of such transactions have been disclosed inthestandalonefinancialstatementsasrequiredbytheapplicableaccountingstandards.

. According to the information and explanations given to us, in ouropinion, the Company has internal audit system commensurate withthesizeandnatureofitsbusiness.

. According to the information and explanations given to us and on the basisofthebooksandrecordsoftheCompanyexaminedbyus,theCompanyhasnot entered into any non-cash transaction with its directors or personsconnected to its directors. Accordingly, reporting under clause 3(xv) of theOrderisnotapplicable. a.AspertheinformationandexplanationsgiventousandonthebasisofthebooksandrecordsoftheCompanyexamined byus,theCompanyisnotrequiredtoberegisteredunderSection45-IAoftheReserveBankof India Act, 1934; the Company has not conducted any Non-bankingFinancial or Housing Finance activities during the year; The Companyis not a Core Investment Company (CIC) as defined in the regulationsmadebytheReserveBankofIndia.Accordingly,reportingunderclauses 3(xvi)(a), 3(xvi)(b) and 3(xvi)(c) of the Order are not applicabletotheCompany.

Accordingtotheinformationandexplanationsprovidedbythemanagement of the Company, the Company does not have any CIC aspart of the Group. We have not, however, separately evaluated theinformationsoprovided. . TheCompanyhasnotincurredcashlossesinthefinancialyearcoveredby

ourauditandtheimmediatelyprecedingfinancialyear.

.There has been no resignation by the statutory auditors of the Companyduringtheyear.Accordingly,clause3(xviii)oftheOrderisnotapplicable.

. According to the information and explanations given to us and on the basisof financial ratios, ageing and expected dates of realisation of financialassetsandpaymentoffinancialliabilities,otherinformationaccompanyingthe financial statements and our knowledge of the Board of Directors andManagementplansandbasedonourexaminationoftheevidencesupportingtheassumptions,nothinghascomet oourattention,whichcauses us to believe that any material uncertainty exists as on the date ofthe audit report indicating that the Company is not capable of meeting itsliabilities existing at the date of balance sheet as and when they fall duewithinaperiodofoneyearfromthebalancesheetdate.We,however,statethat this is not an assurance as to the future viability of the Company. Wefurther state that our reporting is based on the facts up to the date of theaudit report and we neither give any guarantee nor any assurance that allliabilities falling due within a period of one year from the balance sheetdate,willgetdischargedbytheCompanyasandwhentheyfalldue.

. According to the information and explanations given to us and on the basisof the books and records of the Company examined by us, for CorporateSocial Responsibility, there is no unspent amount under sub-section (5) ofSection135oftheAct,2013pursuanttoanyproject.Accordingly,reportingunderclauses3(xx)(a)and3(xx)(b)ofthe Orderarenotapplicable.

	M/S Giriraj & Lohiya
	Chartered Accountants
	Firms Registration No:006031C
	(CA Natwar Lal Bhatia)
Date: 20.05.2023	Partner
Place: Jaipur	Membership No: 076076
UDIN: 23076076BGYXFF9306