Priya Ltd Auditor Reports

TO THE MEMBERS OF

PRIYA LIMITED

Report on Financial Statements

Qualified Opinion

We have audited the accompanying financial statements of PRIYA LIMITED [CIN: L99999NH1986PLC040713] ("the Company"), which comprises of the balance sheet as at March 31, 2025, the Statement of Profit and Loss (including other Comprehensive Loss), Statement of changes in Equity and Cash Flow Statement for the year then ended, and notes to the accounting policies and otherfinancial statements, including explanatory summaryofsignificant information (hereinafter referred to as "the Financial Statements").

Based on our assessment and the information available to us, as well as the explanations provided, we acknowledge the significance of the matter outlined in the basis for Qualified Opinion section with the details emphasized in the Emphasis of Matters paragraph, we conclude that the Ind AS Financial Statements meet the requirements of the Companies Act, 2013 ("Act"). They present a true and fair view in accordance with the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act, as amended, and other generally accepted accounting principles in India. These statements accurately reflect the Companys financial position including its loss, total comprehensive income, and changes in equity for the financial year ending on that date

Basis for Qualified Opinion

1. We draw your attention to note no. 36 of Financial Statements regarding the Companys account being declared as Non-Performing Asset (NPA) and received a notice under Section 13(4) of Securitization and Reconstruction of Financial assets and Enforcement of Security Interest Act, 2002 (‘the Act) for symbolic attachment of properties. The Company has incurred net losses in the current period as well as in the past years. The Company has accumulated losses which exceeds its net worth at the balance sheet date resulting in negative net worth and due to blockage of bank accounts, revenue from operation during the current year is nil. During the FY 2020-21, the Company has also closed down all its branches except Mumbai branch, had written off/ sold fixed assets located at such branches and has also laid off maximum employees across all branches since the business operations are nil. Further, the Company has also received summons from Debts Recovery Tribunal (DRT) Mumbai applied by one of the lender banks.

As informed by the Management of the Company, during the previous year, as a result of non-payment and despite of demand notices, the Authorised Officer took physical possession of the properties situated in Chennai and Kolkata, out of which Chennai property was sold in e-auction on 20^th December 2022. However, in the absence of information available in relation to the auction amount, the accounting adjustment between borrowing and the asset sold is pending as of 31^st March 2025.

Further, the company has also received a notice dated 13th January, 2023 for auction sale of Mumbai properties which was conducted on 07^th February 2023 by e-auction mode however, as per the information received from the management, e-auction held was materialised, the Authorised Officer took physical possession of the properties situated in Mumbai, was sold in e-auction on 28^th October, 2024. However, in the absence of information available in relation to the auction amount, the accounting adjustment between borrowing and the asset sold is pending as of 31^st March 2025.

Bank of Maharashtra and Union Bank have declared the company, promoters, directors and corporate guarantors as wilful defaulters, the management of the company has represented against the same.

During the current year, the Company has deposited Rs.175 lacs in "non-lien account "with Indian Bank as a one-time settlement out of proposed amount of Rs. 2.50 cr.

Based on the facts mentioned above and in the absence of the necessary and adequate evidence with respect of Companys assessment of going concern, as per our judgement, managements use of going concern basis of accounting in the financial statements is inappropriate.

2. The Company had made aggregate provision of Rs. 3,269.64 lakhs for doubtful debts (expected credit loss) as of March 31, 2025 relating to export sales. The Management has not approached RBI for approval of writing off the said amount from books of accounts. In the absence of any information regarding penal consequences, we are unable to comment on the impact of the same on the Loss / net worth of the Company.

3. During previous year, there was a casual vacancy of ChiefFinancialOfficerw.e.f. November 30, 2022. The Company is in process of appointing new Chief Financial Officer of six months from the date of resignation and we are unable to comment on the impact of the penal consequences on the loss / net worth of the Company.

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Companies Act, 2013 (the Act). Our responsibilities under those Standards 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 Financial Results under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that we have not been able to obtain sufficient appropriate audit evidence to provide the basis for Qualified Opinion.

Emphasis of Matter para

1. The Company has provided interest amounting to Rs. 357.05 lakhs on NPA accounts for the year ended March 31, 2025. The total outstanding interest payable as of 31 March 2025 amounts to Rs.2,406.76 lakhs. In the absence of Bank statements in respect of these NPA accounts and confirmation from bank regarding rate of penal interest, we are unable to comment upon the booking of provision of such interest and closing account balances.

2. As of March 31, 2025, the Company has rent income receivable amounting to Rs.74.85 lakhs from its group company. The said rent has not been received during the year. The company has been booking the rental income in compliance with the rental agreement. We are given to understand that the management is confident of receiving this outstanding from the company in the near future. Hence, no provision for the amount of rent receivable has been considered necessary by the management.

3. As of March 31, 2025, the Company has Advance tax refund receivable amounting to Rs.38.55 Lakhs pertaining to seven assessment years. As per Income tax records the same has been refunded to the company. In the absence of Bank statements in respect of NPA accounts, the Company is unable to record the amount of refunds actually received. Therefore, we are unable to comment upon the closing balances of advance taxes and loans appearing in the books of accounts.

4. Due to unavailability of funds, the Company is unable to pay gratuity (statutory liability) amounting to Rs. 67.60 lakhs which is outstanding on March 31, 2025 to the employees resigned during the year.

Our opinion is not modified in respect of these matters

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Financial Statements of the current period. These matters were addressed in the context of our audit of the Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined that there are no key audit matters to be communicated in our report.

Other Information

The Companys Management and the Board of Directors are responsible for the other information. The other information comprises the information included in the Companys annual report but does not include the 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 Financial Statements or our knowledge obtained in the 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 on in this regard.

Responsibilities of Management and those Charged with Governance for the Financial Statements

The Companys board of directors are responsible for the matters stated in section 134 (5) of the Act with respect to the preparation of these standalone financial statements that give a performance including other comprehensive income and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the accounting standards specified Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial 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 and the Board of Directors are responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Companys financial reporting process.

Auditors Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements 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 guaranteed 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 aggregate, they could reasonably be expected to influence the economic decisions of users based on these standalone financial statements.

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

Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.

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

Conclude on the appropriateness of managements 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 standalonefinancialstatements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern.

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

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant auditfindings,includinganysignificantdeficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter. or when in extremely rare circumstances we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the "Annexure A", a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. Further to our comments in Annexure A, as required by section 143 (3) of the Act, we report that:

a. We have sought and except for the matters described in the Basis for Qualified Opinion section, obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit of the aforesaid Financial Statements.

b. Except for the matters described in Basis for Qualified Opinion section in our opinion, proper books of account as required by law relating to preparation of the aforesaid Financial Statements have been kept by the Company so far as it appears from our examination of those books.

c. The Balance Sheet, the Statement of Profit and Loss (including other comprehensive income), the Statement of Changes in Equity and the Cash Flow Statement dealt with by this Report are in agreement with the books of account maintained for the purpose of preparation of the Financial Statements.

d. Except for the matters described in Basis for Qualified Opinion section in our opinion and read together with matter described in the Emphasis of Matters paragraph, the aforesaid Financial Statements comply with the Accounting

Standards specified under Section 133 of theAct, read with Rule 7 of the Companies (Account) Rules, 2014.

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

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

g. With respect to the other matters to be included in the Auditors Report in accordance with the requirements of section 197(16) of the Act, as amended, in our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.

h. With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i. There were no pending litigations which would impact the financial position of the Company.

ii. The Company did not have any material foreseeable losses on long-term contracts including derivatives contracts.

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the company.

iv. a. The management has represented that, to the best of its knowledge and belief, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other persons or entities, including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall:

directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever ("Ultimate Beneficiaries") by or on behalf of the Company or provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

b. The management has represented, that, to the best of its knowledge and belief, no funds have been received by the Company from any persons or entities, including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall:

directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever (‘Ultimate Beneficiaries") by or on behalf of the Funding Party or provide any guarantee, security or the like from or on behalf of the Ultimate Beneficiaries; c. Based on such audit procedures as 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 (d) (i) and

(d) (ii) contain any material misstatement.

3. The Company has not declared dividend during the year.

4. Based on our examination which included test checks, the Company has used accounting software for maintaining its books of account, which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software. Further, we did not come across any instance of the audit trail feature being tampered with. However, the feature of recording audit trail (edit log) facility was not enabled at the database level to log in any direct data changes for accounting software used for maintaining books of accounts relating to payroll.

	For JM & Associates.
	Chartered Accountants
	FRN: 011270N
	CA Lalit Dave
	Partner
Place: Mumbai	M. No. 158110
Date: 29-05-2025	UDIN: 25158110BMHZXM8644

"ANNEXURE A" TO THE AUDITORS REPORT TO THE MEMBERS OF PRIYA LIMITED FOR THE YEAR ENDEDMARCH 31, 2025.

Referred to in paragraph 2 of ‘Report on other Legal and Regulatory Requirements in our Report of even date on the accounts of PRIYA LIMITED for the year ended March 31, 2025 With reference to the Annexure referred in our report of even date to the members of PRIYA LIMITED for the year ended March 31, 2025, we report that in our opinion and to the best of our information and explanations furnished to us and the books and records examined by us in the normal course of Audit: (i) a. The company has maintained proper records showing full particulars, including quantitative details and the situation of Property Plant & Equipment. b. The company has no Intangible Assets as on March 31, 2025; hence this clause is not applicable. c. As explained to us, Property Plant & Equipment has been physically verified by the management at regular intervals as informed to us no material discrepancies were noticed on such verification. d. As per the information and explanation given by the management, the title deeds of immovable properties are held in the name of the company. e. The Company has not revalued its Property, Plant and Equipment during the year ended March 31, 2025. According to information and explanations given to us. f. There are no proceedings initiated or are pending against the Company for Holding any Benami Property

Transaction Act ,1988 and rules made thereunder.

(ii) a. During the year, there were no inventories maintained by the company. Accordingly, clause 3(ii)(a) of the Order is not applicable. b. According to information and explanations given to us and on the basis of our examination of the records of the Company, the Company has been declared as Non Performing Asset in earlier years and thus has not made any quarterly submissions to the bank in the current year.

(iii) The Company has not provided loans or advances in the nature of loans or stood guarantee or provided security to any other entity during the year. Hence sub clause (a) to(f) of clause 3(iii) is not applicable to the Company.

(iv) The Company has complied with provisions of Section 186 of the Companies Act, 2013 in respect of investments made and Section 185 of the Companies Act, 2013 is not applicable as there were no such loans, securities or guarantees provided during the year.

(v) As per the information and explanation given by the management, 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.

(vi) As per the information and explanation given by the management, the Central Government has not prescribed to maintenance of Cost Records under the Sub-Section (1) of Section 148 of the Companies Act, 2013.

(vii) The Company is regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Customs Duty, Cess, Goods & Service Tax and any other material statutory dues applicable to it and there were no arrears as at March 31, 2025 for a period of more than six months from the date they became payable except for payment of Tax Deducted at Source amounting to Rs.8.20 lacs which is outstanding for more than 6 months.

There are no disputed amounts payable in respect of Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, GST, Custom Duty, Value Added Tax, Cess and any other material statutory dues in arrears, as at March 31, 2025.

(viii) The Company has not surrendered or disclosed transactions previously unrecorded in the books of account, in the tax assessments under 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. In our opinion and according to the information and explanations given to us, except for the loans, borrowings, and dues mentioned below, the Company has not defaulted in repayment of loans or borrowings to any financial institution or bank or Government. Further, the Company does not have any debentures issued /outstanding at any time during the year.

Particulars	Amount of Default (As at March 31, 2025)		Total	Period of
	Principal	Interest		Default
Term Loan
Bank of Maharashtra (C/A)	328.81	287.71	616.52	1 to 2465
Indian Bank (C/A)	219.49	240.2	459.69	1 to 2434
Indian Bank (ADOVEXBIR A/C)	751.69	788.39	1540.08	1 to 2467
Union Bank of India ( L/C A/C )	254.10	308.31	562.41	1 to 2489
Union Bank of India (ADOVEXBIR A/C)	726.84	782.15	1508.99	1 to 2483

b . The company has been declared as willful defaulter by any bank and Financial Institution or government or any government authority in the current financial year. c. According to the information and explanations given to us by the management, the Company has not obtained any term loans during the year. Accordingly, clause3 (ix) (c)of the Order is not applicable.

d. No funds raised for short term purposes have been used for long term purposes. Accordingly, clause 3(ix)(d) of the

Order is not applicable. 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 loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies.

(x) a. The Company has not raised money by way of initial public offer or further public offer (including debt instruments) during the year and hence reporting under clause (x)(a) of the Order is not applicable. b. According to the information and explanation given to us, the Company has not made any preferential allotment or private placement of shares or convertible debentures (fully, partially or optionally convertible) during the year. (xi) a. Based upon the audit procedures performed and the information and explanations given by the management, we report that no fraud by the Company or on the company by its officersor employees has been noticed or during the year. b. During the year, no report under sub-section (12) of section 143 of the Companies Act 2013 has been filed by Secretarial auditor or by us in the Form ADT-4 as prescribed under Rule 13 of Companies (Audit & Auditors) Rules

2014 with the Central Government. c. There is no whistle blower Complain against the Company during the year.

(xii) In our opinion, the Company is not a Nidhi Company. Therefore, the requirement to report on clause 3 (xii) of the Order in respect of Nidhi Company are not applicable to the Company.

(xiii) According to the information and explanation given to us, and based on our examination of the records of the Company, transactions with the related parties are in compliance with Sec 177 and 188 of Companies Act, 2013 were applicable and details of such transactions have been disclosed in the Financial Statements as required by the applicable accounting standards.

(xiv) a. Based on information and explanations provided to us and our audit procedures, in our opinion, the Company has an internal audit system commensurate with the size and nature of its business. b. We have considered the internal audit reports of the Company issued till date for the period under audit.

(xv) According to the information and explanations given to us, we are of the opinion that the company has not entered into any non-cash transactions with directors or persons connected with him and accordingly, the provisions of clause 3(xv) of the Order is not applicable.

(xvi) According to the information and explanations given to us, we are of the opinion that the company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934 and the company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India, accordingly, the provisions of clause

3(xvi) of the Order are not applicable.

(xvii) The Company has incurred cash losses in the current year as well as in the immediately preceding financial year amounting to Rs.385.92 lakhs and 397.67 lakhs respectively.

(xviii) During the year, M/s. Kanu Doshi Associates LLP (Firm Registration No. 104746W/W100096) tendered their resignation from the position of statutory auditors of the Company vide their letter dated September 21, 2024. In view of the same, the provisions of Clause 3(xviii) of the Companies (Auditors Report) Order, 2020 are applicable to the Company. Based on our examination of the relevant information provided by the outgoing auditors and as per the representations received, we have not observed any issues, objections, or concerns raised by the outgoing auditors before their resignation.

(xix) According to the information and explanationsgiventousandonthebasisofthefinancialratios, ageing and expected dates of realizationof financialliabilities, other information accompanying the financial assetsandpaymentof statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions and based on the matters described in "Basis of QualifiedOpinion" paragraph of this report, we are unable to comment on the capability of the Company for 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.

(xx) The provisions of Section 135 towards corporate social responsibility are not applicable to the company. Accordingly, the provisions of clause 3(xx) of the Order is not applicable.

(xxi) The report under clause (xxi) is not applicable in respect of the audit of standalone financial statements of the Company.

Accordingly, no comment has been included in respect of the said clause under this report.

The clauses of the order which are not commented on hereunder are not applicable to the company or are not relevant to the context of the company.

to the context of the company.
	For JM & Associates.
	Chartered Accountants
	FRN: 011270N
	CA Lalit Dave
	Partner
Place: Mumbai	M. No. 158110
Date: 29-05-2025	UDIN: 25158110BMHZXM8644

"ANNEXURE B" TO THE AUDITORS REPORT TO THE MEMBERS OF PRIYA LIMITED FOR THE YEAR ENDED MARCH 31, 2025.

(Referred to in point no. 2(f) of our report on Other Legal and Regulatory Requirements of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub- Section 3 of Section

143 of the Companies Act, 2013 ("the Act")

We have audited the internal financial controls over financial reporting of PRIYA LIMITED ("the Company") as of March 31, 2025, in conjunction with our audit of the financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal financial controls based "on the internal control over financial reporting criteria established by the Company considering the essentials components of internal control stated in the Guidance Note on Audit of Internal Financial Control over Financial Reporting issued by the

Institute of Chartered Accountants of India". These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to 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 financials information, as required under the Companies Act, 2013.

Auditors Responsibility

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

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

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

Meaning of Internal Financial Controls Over Financial Reporting:

A companys internal financialcontrol 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 policies and procedures that i. pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; ii. provide reasonable assurance that transactions are recorded as necessary to permit the preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and iii. 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.

Inherent Limitation of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected.

Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financialcontrols over March 31, 2025, based on the internal control over financial reporting financial reportingwereoperatingeffectively criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

	For JM & Associates.
	Chartered Accountants
	FRN: 011270N
	CA Lalit Dave
	Partner
Place: Mumbai	M. No. 158110
Date: 29-05-2025	UDIN: 25158110BMHZXM8644