Pratham EPC Projects Ltd Auditor Reports

To the Members of

Pratham EPC Projects Limited

(Formerly known as Pratham EPC Projects Private Limited)

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying Standalone Financial Statements of Pratham EPC Projects Limited (Formerly known as Pratham EPC Projects Private Limited) ("the Company"), which comprise the Balance Sheet as at 31st March, 2025, the Statement of Pro t and Loss and Cash Flow Statement for the year ended 31st March, 2025 and notes to the Standalone financial statements, including a summary of significant accounng policies and other explanatory info rmaon (hereina er referred to as "the standalone financial statements").

In our opinion and to the best of our informaon and according to the explanaons given to us, the a foresaid standalone financial statements give the informaon required by the Companies Act, 2013, as amended from me to me ("the Act") in the manner so required and give a true and fair view in conformity with the accounng principles generally accepted in India, of the state of a airs of the Company as at 31st March 2025, its profit and its cash flows for the year ended on that date.

Basis for opinion

We conducted our audit of standalone financial statements in accordance with the Standards on Auding ("SAs") specified under Secon 143 (10) of the Act. Our responsibilies under those Standards are further described in the "Auditors Responsibilies for the Audit of the Standalone Financial Statements" secon of our report. We are i ndependent of the Company in accordance with the Code of Ethics issued by the Instute of Chartered Accountants of Ind ia together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the rules thereunder, and we have fulfilled our other ethical responsibilies 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 opinion.

Key Audit Ma_ers

Key Audit Ma ers are those ma ers that, in our professional judgment, were of most significance in our audit of the standalone financial statements for the financial year ended 31st March, 2025. In our opinion there is no Key Audit Ma er to be reported.

Informaon other than the Standalone Financial Statements and Auditors Report thereon

The Companys Board of Directors is responsible for the preparaon of other informaon. The otherinf ormaon comprises the informaon included in the 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 informaon and we do not express any form of assurance conclusion thereon.

In connecon with our audit of the standalone financial statements, our responsibility is to read the other informaon and, in doing so, consider whether the other informaon 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 informaon, we are required to report that fact. We have nothing to report in this regard.

Managements Responsibilies and Those Charged with Governance for the Standalone Financial Statements

The Companys Board of Directors is responsible for the ma ers stated in Secon 134(5) of the Act with respect to the preparaon of these standalone financial statements that give a true and fair view of the financial posion, financial performance and cash flows of the Company in accordance with the accounng principles generally accep ted in India, including the accounng standards specified under Secon 133 of the Act. This responsibility also inc ludes maintenance of adequate accounng records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for prevenng and detecng frauds and other irregularies; selecon and ap plicaon of appropriate accounng policies; making judgments and esmates that are reasonable and prudent; and d esign, implementaon and maintenance of adequate internal financial controls, that were operang e ecvely f or ensuring the accuracy and completeness of the accounng records, relevant to the preparaon and presentaon o f the standalone financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, management is responsible for assessing the Companys ability to connue as a going concern, disclosing, as applicable,

Auditors Responsibilies for the audit of the Standalone Financial Statements

Our objecves are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepcism throughout the audit. We also:

i.Idenfy and assess the risks of material misstatement of the standalone financial statements, whet her 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 detecng a material misstatement resulng from fraud is higher than for one resulng from error, as fraud may involve collusion, forgery, intenona l omissions, misrepresentaons, or the override of internal control.

ii.Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under secon 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operang e ecveness of such controls.

iii.Evaluate the appropriateness of accounng policies used and the reasonableness of accounng es mates and related disclosures made by management.

iv.Conclude on the appropriateness of managements use of the going concern basis of accounng and, based on the audit evidence obtained, whether a material uncertainty exists related to events or condions that may cast significant doubt on the Companys ability to connue as a going concern. If we conclude that a material uncertainty exists, we are required to draw a enon in our Auditors Report to the related disclosures in the st andalone 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 condions may cause the Company to cease to connue as a going concern.

v.Evaluate the overall presentaon, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transacons and events in a manner that achieves fair presentaon.

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonable knowledgeable user of the standalone financial statements may be in uenced. We consider quantave materiality and qualitave factors in a.planning the scope of our audit work and in evaluang the results of our work; and b.to evaluate the effect of any iden ed misstatements in the financial statements.

We communicate with those charged with governance regarding, among other ma ers, the planned scope and ming of the audit and significant audit ndings, including any significant deficiencies in internal control that we idenfy 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 relaonships and other ma ers that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the ma ers communicated with those charged with governance, we determine those ma ers that were of most significance in the audit of the Standalone Financial Statements for the financial year ended 31st March, 2025 and are therefore the key audit ma ers. We describe these ma ers in our Auditors Report unless law or regulaon precludes public disclosure about the ma er or when, in extremely rare circumstances, we determine that a ma er 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 communicaon.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditors Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of sub-sec on (11) of Sec on 143 of the Act, we give in the Annexure A, a statement on the ma ers specified in paragraphs 3 and 4 of the Order, to the extent applicable.

As required by Secon 143(3) of the Act, we report that: a) We have sought and obtained all the informaon and explanaons which to the best of our knowledg e 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 examinaon of those books; c) The Standalone Balance Sheet, the Standalone Statement of Pro t and Loss, and the Standalone Cash Flow Statement dealt with by this report are in agreement with the books of account; d) In our opinion, the aforesaid standalone financial statements comply with the Accounng Standards specified under Secon 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014; e) On the basis of the wrien representaons received from the directors as on 31 March, 2025 taken st on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2025 from being appointed as a director in terms of Secon 164 (2) of the Act; f) With respect to the adequacy of the Internal Financial Controls over financial reporng of the Co mpany and the operang e ecveness of such controls, refer to our separate Report in Annexure B; g) With respect to the other ma ers to be included in the Auditors Report in accordance with the requirements of secon 197(16) of the Act, as amended: In our opinion, and to the best of our informaon and according to the explanaons given to us, the remuneraon paid by the Company to its Directors during the years is in accordance with the provisio ns of Secon 197 of the Act; h) With respect to the other ma ers 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 informaon an d according to the explanaons given to us; I. The Company does not have any pending ligaons which would impact its financial posion; ii. The Company did not have any long-term contracts including derivave contracts for which there were any material foreseeable losses; iii. No amount was required to be transferred to the Investor Educaon and Protecon Fund ("IEPF") by the Company; iv. a. 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 enty, including foreign enty ("Intermediaries"), with the understanding, whether recorded in wring or ot herwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or en es iden ed in any manner whatsoever by or on behalf of the Company ("Ulmate Bene ciaries") or provide any guar antee, security or the like on behalf of the Ulmate Bene ciaries; b. 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 en ty, including foreign en ty ("Funding Par es"), with the understanding, whether recorded in wri ng or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or en es iden ed in any manner whatsoever by or on behalf of the Funding Party ("Ul mate Bene ciaries") or provide any guarantee, security or the like on behalf of the Ul mate Bene ciaries;

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

v. No dividend has been declared or has been proposed to be declared during the year. Accordingly, this clause is not applicable.

vi .Based on our examinaon, which included test checks, the Company has used accounng soware sys tems for maintaining its books of account for the year ended 31st March, 2025 which have the feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transacons recorded in the soware systems. Further, during the course of our audit we did not come across any instance of the audit trail feature being tampered with, and the audit trail has been preserved by the Company as per the statutory requirements for record retenon.

Annexure A to the Independent Auditors Report

Referred to in paragraph 1 under the heading Report on Other Legal & Regulatory Requirement of our report of even date to the Standalone Financial Statements of the Company for the year ended 31st March, 2025: (i)(a)(A) The Company has maintained proper records showing full par culars, including quan ta ve details and situa on of Property, Plant and Equipment.

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

(i)(b) According to the informaon given to us, the Property, Plant and Equipment, have been physically veri ed by the management at the end of the year; and no material discrepancies has been noced on such veri caon. Accordingly, the requirement to report on clause 3(i) (b) of the Order is not applicable to the Company. (i)(c) According to the informaon and explanaons given to us and on the basis of our exami naon of the records of the Company, the Company does not own any immovable property as at the Balance Sheet date.

(i)(d) The Company has not revalued its Property, Plant and Equipment (including Right of use assets) or intangible assets during the year ended 31st March, 2025. Accordingly, the requirement to report on clause 3(i)(d) of the Order is not applicable to the Company.

(i)(e) As explained to us, there are no proceedings ini ated or are pending against the Company for holding any benami property under the Prohibi on of Benami Property Transac ons Act, 1988 and rules made thereunder. Accordingly, the requirement to report on clause 3(i)(e) of the Order is not applicable to the Company.

(ii)(a) As explained to us, physical veri ca on of inventory is being conducted at regular intervals by the management and no discrepancies were found during veri ca on. (ii)(b) The Company has been sanc oned working capital limits in excess of 5.00 crores, in aggregate, at any point of me during the year, from banks on the basis of security of current assets. In our opinion and according to the informaon and explanaons given to us, no quarterly returns or statements comprising informaon on stock, book debt, ageing analysis of the debtors/other receivables and other spulated financial informaon is led by the Co mpany with such banks. (iii)(a)(A) The Company has made investments in, provided guarantee or security and granted loans or advances in the nature of loans, secured or unsecured, to companies, rms, limited liability partnerships or any other pares during the year, in respect of which the Company has provided loans and guarantee (in respect of loans) during the year to Pratham Internaonal LLC-OPC and details of which are g iven below:

Parculars	Investment	Loans&Advance	Nature of Relaonship
Aggregate amount provided during the year	_	410.00	Subsidiary
Balance outstanding as at 31 March,2025	11.90	461.61	Subsidiary

(iii)(a)(B) The Company has not provided loans or advances and guarantees or securies to pares oth er than its subsidiaries, joint ventures and associates. (iii)(b) The investments made, guarantees provided and the terms and condions of the grant of all the above- menoned loans and guarantees provided during the year are, in our opinion, prima f acie, not prejudicial to the Companys interest.

(iii)(c) No, the loans and advances provided in the nature of loans, doesnt have any schedule of repayment of principal, accordingly the requirement to report on clause 3(iii)(c) of the Order is not applicable to the company.

(iii)(d) No amount is overdue for more than ninety days. Accordingly, the requirement to report on clause 3(iii)(d) of the Order is not applicable to the Company.

(iii)(e) No loans granted by the Company which had fallen due during the year, that have been renewed or extended or fresh loans granted to sele the overdue of exisng loans given to the same pares. Ac cordingly, the requirement to report on clause 3(iii)(e) of the Order is not applicable to the Company.

(iii)(f) There was no loan which were granted during the year to promoters/related pares. Ac cordingly, the requirement to report on clause 3(iii)(f) of the Order is not applicable to the Company.

(iv) The Company has not granted loans or provided guarantees or securies to pares covered under Secon 185 of the Companies Act, 2013 ("the Act"). According to the informaon provided to us, the Company has complied with the provisions of secon 186 of the Act in respect of loans granted, investments made and guarantees and securies provided, as applicable.

(v) The Company has not accepted any deposit from the public within the meaning of Secons 73 to secon 76 of the Act and the rules made there under during the period under audit and therefore, provisions of the clause 3(v) of the order is not applicable to the Company.

(vi) The Central Government has not prescribed the maintenance of cost records under Secon 1 48 (1) of the Act for the business acvies carried out by the Company. Accordingly, reporng under clause 3(vi) of the Order is not applicable to the Company.

(vii)(a) The Company is generally regular in deposing undisputed statutory dues including provident fund, employees state insurance, income-tax, goods and service tax, duty of customs and any other statutory dues with the appropriate authories. No undisputed amounts payable in respect of provident fund, employees state insurance, income-tax, goods and service tax, duty of customs and any other statutory dues were outstanding at the year end, for a period of more than six months from the dates they become payable. Therefore, the requirement to report on clause 3(vii)(a) of the Order is not applicable to the Company.

(vii)(b) Details of statutory dues referred to in sub-clause (a) above which have not been deposited as on 31st March, 2025 on account of any dispute are given below:

Nature of the dues	Amount	Period to which the amount relates	Forum where dispute is pending
Service Tax	1.97	FY 2015-16	Assistant Commissioner, CGST and Service Tax
Goods and Service Tax	17.08	FY 2017-18	Joint / Additional Commissioner of GST
Goods and Service Tax	22.75	FY 2020-21	Joint / Additional Commissioner of GST
Income Tax	25.62	FY 2020-21

(viii) The Company has not surrendered or disclosed any transacon, previously unrecorded in the books of account, in the tax assessments under the Income Tax

Act, 1961 as income during the year. Accordingly, the requirement to report on clause 3(viii) of the Order is not applicable to the Company.

(ix)(a) On the basis of the documents and explana on provided by the management, the Company has not defaulted in the repayment of loans or other borrowings or in the payment of interest thereon to any lender during the year.

(ix)(b) The Company has not been declared wilful defaulter by any bank or financial ins tu on or government or any government authority.

(ix)(c) As per the informa on provided by the management, term loans availed by the Company during the year were applied for the purpose for which the loans were obtained.

(ix)(d) On an overall examinaon of the Standalone Financial Statements of the Company, funds rais ed on short-term basis have, prima facie, not been used during the year for long-term purposes by the Company.

(ix)(e) On an overall examinaon of the standalone financial s tatements of the Company, the Company has not taken any funds from any enty or person on account of or to m eet the obligaons of its subsidiaries, associates or joint ventures. Therefore, requirement to report on clause 3(ix)(e) of the Order is not applicable to the Company.

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

(x)(a) The Company has not raised money during the year by way of inial public offer/further publ ic offer (including debt instruments), therefore the requirement to report on clause 3(x)(a) of the Order is not applicable to the Company.

(x)(b) The Company has not made any preferenal allotment or pr ivate placement of shares /fully or par ally or op onally conver ble debentures during the year under audit and therefore the requirement to report on clause 3(x)(b) of the Order is not applicable to the Company.

(xi)(a) According to the informa on and explana ons given to us, no fraud by the Company or on the Company by its o cers or employees has been no ced or reported during the course of our audit. Therefore, requirement to report on clause 3(xi)(a) of the Order is not applicable to the Company.

(xi)(b) During the year, no report under sub-secon (12) of Secon 143 of the Companies Act, 2013 has been led by Cost Auditor/ Secretarial Auditor or by us in Form ADT 4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government. Accordingly, reporng under clause 3(xi)(b) of the Order is not applicable to the Company.

(xi)(c) As represented to us by the management, there are no whistle blower complaints received by the Company during the year. Accordingly, repor ng under clause 3(xi)(c) of the Order is not applicable to the Company.

(xii) The Company is not a Nidhi Company and hence reporng under clause 3(xii) of the Order is not applicable.

(xiii) According to the informaon and explanaon given to us, t ransac ons with the related parties are in compliance with Sec ons 177 and 188 of the Companies Act, 2013 and details of these transac ons are disclosed by the Company in the Note 37 to the standalone financial statement, as required by the applicable accounng standards.

(xiv)(a) In our opinion, the Company has an adequate internal audit system commensurate with the size and nature of its business.

(xiv)(b) We have considered, the internal audit reports issued during the year and ll the date of the audit report covering period upto 31st March, 2025.

(xv) According to the informaon and explanaons given to us and on an overall examinaon of the records of the Company, we report that the Company has not entered into any non-cash transac on with directors or persons connected with them as referred to in Sec on 192 of the Companies Act 2013. Accordingly, repor ng under clause 3(xv) of the Order is not applicable to the Company.

(xvi)(a) The provisions of Sec on 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934) are not applicable to the Company. Accordingly, the requirement to report on clause 3(xvi)(a) of the Order is not applicable to the Company.

(xvi)(b) The Company has not conducted any Non-Banking Financial or Housing Finance acvies without obtained a valid Cer cate of Registraon (CoR) from the Reserve Bank of India as per the Reserve Bank of India Act, 1934. Therefore, requirement to report on clause 3(xvi)(b) of the Order is not applicable to the Company.

(xvi)(c) The Company is not a Core Investment Company as defined in the regulaons made by Reserve Bank of India. Accordingly, the requirement to report on clause 3(xvi) of the Order is not applicable to the Company. (xvi)(d) There is no Core Investment Company as a part of the Group, the requirement to report on clause 3(xvi) of the Order is not applicable to the Company.

The Company has incurred cash losses of 779.31 Lakhs during the financial year ended March 31, 2025. The (xvii) Company has not incurred cash losses in the immediately preceding financial year ended March 31, 2024. (xviii) There has been no resignaon of the statutory auditors during the year and accordingly requirement to report on Clause 3(xviii) of the Order is not applicable to the Company.

(xix) On the basis of the financial raos disclosed in Note No. 38 to the standalone financial statements, ageing and expected dates of realizaon of financial assets and payment of financial liabilies, other inf ormaon accompanying the standalone financial statements and our knowledge of the Board of Directors and Management plans and based on our examinaon of the evidence supporng the assumpons, n othing has come to our a enon, which causes us to believe that any material uncertainty exists as on the date of the audit report indicang that Company is not capable of meeng its liabilies exisng at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporng is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilies falling due within a period of one year from the balance sheet dat e, will get discharged by the Company as and when they fall due.

(xx) The Company has fully spent the required amount towards Corporate Social responsibility (CSR) and there are no unspent CSR amounts for the year requiring a transfer to a fund specified in Schedule VII of the Act or special account in compliance with the provision of sub-secon (6) of Secon 135 of the Act. Accordingly, reporng under clause 3(xx) of the Order is not applicable for the year.

Annexure B to the Independent Auditors Report

[Referred to in Paragraph 2 (f) under "Report on Other Legal and Regulatory Requirements" secon of the Independent Auditors Report of even date to the Members of Pratham EPC Projects Limited (Formerly known as Pratham EPC Projects Private Limited) on the Standalone Financial Statements for the year ended 31st March, 2025] Report on the Internal Financial Controls with reference to Standalone Financial Statements under Clause (i) of sub-sec on 3 of Sec on 143 of the Companies Act, 2013 ("The Act")

We have audited the Internal financial controls over financial reporng of Pratham EPC Projects Limited (Formerly known as Pratham EPC Projects Private Limited) ("the Company") as of 31st March, 2025 in conjuncon with our audit of the standalone financial statements of the Company for the year ended on that date.

Managements Responsibilies for Internal Financial Controls

The Companys Management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporng criteria established by the Company considering the essenal components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporng issued by the Instute of Chartered Accountants of India ("ICAI"). These responsibilies include the design, i mplementaon and maintenance of adequate internal financial controls that were operang e ecvely for ensuring the ord erly and efficient conduct of its business, including adherence to Companys policies, the safeguarding of its assets, the prevenon and detecon of frauds and errors, the accuracy and completeness of the accounng records, and the mely preparaon of reliable financial informaon, as required under the Act.

Auditors Responsibilies

Our responsibility is to express an opinion on the Companys internal financial controls over financial repor ng with reference to these standalone financial statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") and the Standards on Audi ng, issued by ICAI and deemed to be prescribed under Sec on

143(10) of the Act, 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 ICAI. Those Standards and the Guidance Note required that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether internal financial controls with reference to financial statements were established and maintained and if such controls operated e ecvely in all material respects.

Our audit involves performing procedures to obtain audit evidence about the internal financial controls with reference to financial statements and their operang e ecveness. Our audit of internal financial controls over financial reporng included obtaining an understanding of internal financial controls over financial reporng, a ssessing the risk that a material weakness exists, and tesng and evaluang the design and operang e ecveness of int ernal control based on the assessed risk. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the standalone financial statements, whether due to fraud or error.

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

Meaning of Internal Financial Controls over Financial Reporng with reference to Standalone Financial Statements

A Companys internal financial control over financial reporng with reference to these standalone nan cial statements is a process designed to provide reasonable assurance regarding the reliability of financial repor ng and the prepara on of standalone financial statements for external purposes in accordance with generally accepted accounng principles. A Companys internal financial contr ol over financial repor ng with reference to these standalone financial statements includes those policies and procedures that: 1. Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transacons and disposions of the assets of the Company; 2. Provide reasonable assurance that transacons are recorded as necessary to permit preparaon of standalone financial statements in accordance with generally accepted accounng principles and that recei pts and expenditures of the Company are being made only in accordance with authorizaons of management and directors of the Company; and 3. Provide reasonable assurance regarding prevenon or mely detecon of unauthorized acquision, us e, or disposion of the Companys assets that could have a material effect on the standalone financial statements.

Inherent limitaons of Internal Financial Controls with reference to Standalone Financial Statements

Because of the Inherent limitaons of internal financial controls over financial reporng with referen ce to these standalone financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projecons of any evaluaon of the internal financial controls over financial reporng with reference to these standalone financial st atements to future periods are subject to the risk that the internal nancials control over financial reporng with reference to these standalone financial statements may become inadequate because of changes in condions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion , the Company has, in all material respects, adequate internal financial controls over financial reporng with reference to these standalone financial statements and such in internal financial controls over financial reporng with reference to these standalone financial statements were operang e ecvely as at 31 March, 2025st based on the internal control over financial reporng criteria established by the Company considering the essenal components of internal control stated in the Guidance Note on Audit of internal financial controls over financial reporng issued by the Instute of Chartered Accountants of India.

For, V C A N & Co.

Chartered Accountants

FRN:125172W

CA. Saurabh Jain

Partner,

Membership No. 175015

UDIN: 25175015BMIBEH6181

Place: Ahmedabad

Date: 29/05/2025