Purple Finance Ltd Auditor Reports

To,

The Members of Purple Finance Limited

Report on the Audit of the Financial Statements Opinion

We have audited the accompanying financial statements of Purple Finance Limited ("the Company¹⁵), which comprise the Balance Sheet as at 31" March 2024, the Statement of Profit and Loss (including comprehensive income loss). Statement of Changes in Equity, and the Statement of Cash Flows, for the year then ended on that date, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as the "financial statements")

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view in conformin with the accounting principles generally accepted in India mcludmg the Indian Accounting Standards ("Ind AS") prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015, as amended and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March 2024, the profit and other comprehensive income, statement of changes in equity and its cash flows for the year ended on that date.

Basis of Opinion

We conducted our audit of the financial statement in accordance with the Standards on Auditing ("SA"s) specified under Section 143 (10) of the Act. Our responsibilities under those standards are further described in the Auditors Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("ICAI") together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAFs Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Emphasis of Matter

We draw attention to notes 47 and 51.10 of the Standalone Financial Statements which state that the Scheme of Merger by Absorption (‘Scheme), has been given effect to, based on the Appointed date 01" October 2022 as approved by National Company Law Tribunal which is deemed to be the acquisition date for the purpose of accounting under Ind AS 103 ‘Business Combinations.

Our opinion on the Standalone financial statements is not modified in respect of this matter.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone Financial Statements of the current year. These matters were addressed in the context of our audit of the Standalone Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

We have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled the responsibilities described in the Auditors responsibilities for the audit of the Standalone Financial Statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the Standalone Financial Statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying Standalone Financial statements.

Key Audit Matters	How the matter was addressed in our audit
Acquisition accounting for the Scheme of Merger by Absorption (‘Scheme) of Canopy Finance Limited (CFL) with the Company	Audit procedures included but were not limited to the following:
During the year, the Honble National Company Law Tribunal, Mumbai Bench (NCLT) has approved the Scheme of Merger by Absorption (Scheme), of CFL with the Company, vide order dated 15th February 2024 effective from Appointed date of the scheme being 1st October 2022. Accordingly, the financials for the year ended 31st March, 2023 have also been restated to give effect to the scheme.	• Obtained an understanding of the Scheme and the transaction from the management and identified key terms relevant to the accounting for the transaction.
Accounting for the amalgamation has involved judgment in order to:	• Read relevant parts of the approval obtained from NCLT and assessed the Companys conclusion as regard business combination accounting in accordance with Ind AS 103 with respect to the amalgamation.
• determine the fair value of consideration transferred;	• We tested the completeness of the identified assets and liabilities acquired by comparison to the scheme of arrangement, through discussions with the Company.
• identify and measure the fair value of the identifiable assets acquired and liabilities assumed;	• We assessed the Companys determination of fair values for assets and liabilities acquired and the methods used to value the underlying assets
• allocate the purchase consideration between identifiable assets and liabilities and goodwill;	• We have reviewed the restated financials of financial year 2022-2023 to the extent of effect on account of merger by absorption.
• This is a material acquisition for the Company and given the level of estimation and judgement required, we considered it to be a key audit matter.
(Reference to Notes 47 and 51.10 to the Standalone Financial Statements)
Transition to Indian Accounting Standards ("Ind AS")	Our audit procedures included the following:
The Company has adopted Ind AS notified under section 133 of the Companies Act 2013 ("the Act") read with the Companies (Indian Accounting Standards) Rules, 2015 from April 01. 2023 and the effective date of such transition is April 01, 2022. For periods up to and including the year ended March 31, 2023, the Company had prepared and presented its financial statements in accordance with the erstwhile generally accepted accounting principles in India (Indian GAAP). In order to give effect of the transition to Ind AS these financial statements for the year ended March 31, 2024, together with the comparative financial information for the previous year ended March 31, 2023 and the transition date balance sheet as at April 1, 2022 have been prepared under Ind AS.	• Assessed the Companys process to identify the impact of adoption and transition to the new accounting standards.
The transition to Ind AS, has involved changes in the Companys policies and processes relating to financial reporting. Further, the management has also exercised judgement (wherever applicable) in giving effect to various principles of Ind AS in its first-time adoption.	• Understanding the financial statement closure process and the controls established by the Company for transition to Ind AS.
In view of the complexity and the resultant risk of a material misstatement arising from an error or omission in correctly implementing the principles of Ind AS at the transition date, which could result in a misstatement of one or more periods presented in these Standalone Ind AS Financials Statements, this has been an area of key focus in our audit.	• Reading and assessing the changes made to the accounting policies due to the requirements of the new financial reporting framework.
	• Reviewed the exemptions availed by the Company from certain requirements under Ind AS
	• Assessing the judgements exercised by the management in applying the first-time adoption principles of Ind AS 101 especially in respect of fair valuation of assets as at transition date
	• Testing accounting adjustments posted as at the transition date, and in respect of the previous year to convert the financial information reported under erstwhile Indian GAAP to Ind AS.
	• Assessing the disclosures included in the Standalone Ind AS Financial Statements in accordance with the requirements of Ind AS.

Information Other than the Financial Statement and Auditors Report thereon

The Companys Board of Directors is responsible for preparation of the other information. The other information comprises the information included in the 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 other information is materially inconsistent with the financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

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

Managements Responsibility for the Financial Statements

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance along with other comprehensive mcome loss, statement of changes in equity and cash flows of the company m accordance with the accounting principles generally accepted in India, including the Ind AS specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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

The Board of Directors is also responsible for overseeing the Companys financial reporting process. Auditors Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements As pan of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

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

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. 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 with reference to financial statements m 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 gomg concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidences obtained up to the date of our auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern.

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

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

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

Other Matter

The comparative financial information of the Company for the year ended 31st March, 2023, prepared in accordance with Ind GAAP which have been restated as per IXD AS, were audited by the predecessor auditor. The report of the predecessor auditor on the same expressed an unmodified opinion. Our opinion on the Statement is not modified in respect of this matter.

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-section (11) of Section 143 of the Companies Act, 2013, we give in the "Annexure A", a statement of the matters specified in paragraph 3 and 4 of the Order.

As required by section 143 (3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) In our opinion, proper books of account as required by law have been kept by the company so far as it appears from our examination of those books;

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

d) In our opinion, the aforesaid financial statements comply with Ind AS specified under Section 133 of the Act;

e) On the basis of the written representations received from the directors as on 31^st March, 2024 taken on record by the Board of Directors, none of the Directors is disqualified as on 31^5! March, 2024 from being appointed as a Director in terms of Section 164(2) of the Act;

f) With respect to the adequacy of internal financial controls over financial reporting of the company and the operating effectiveness of such control, refer to our separate report in "Annexure BA Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the

Companys internal financial controls over financial reporting;

g) In our opinion and according to the information and explanations given to us, the remuneration paid by the Company to its directors during the current year is m accordance with the provisions of Section 19⁷ of the Act. The remuneration paid to any director is not in excess of the limit laid down under Section 19"⁷ of the Act.

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

1) The company does not have any pending litigations which would unpact its financial position in its financial statements.

2) The company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses; and

3) There are no amounts required to be transferred to the Investor Education and Protection Fund by the Company during the year under audit.

4) (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(s) or entity(ies), including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company ("Ultimate Beneficiaries") or provide any guarantee, securin or the like on behalf of the Ultimate Beneficiaries:

(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(s) or entity(ies), including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any maimer whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

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

5) The Company has not declared any dividend during the year.

6) Based on our examination which included test checks, the company has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility but the same has not been operated throughout the year for all relevant transactions recorded in the software. The company migrated from Tally Prune software to Tally Prune edit log with effect from 15^th March, 2024. Consequently, we are unable to comment on audit trail feature under the previous software version. Further during the course of our audit, for the period for which the audit trail facility- had been operational during the year, we did not come across any instance of audit trail bemg tampered with.

Annexure ‘A* to the Independent Auditors Report of the company for year ended 31st March. 2024 (Referred to in paragraph 1 under "Report on Other Legal and Regulatory Requirements" of our re- port of even date)

Based on the audit procedures performed for the purpose of reporting a true and fair view on the financial statements of the company and taking into consideration the information and explanations given to us and the books of account and other records examined by us in the normal course of audit, we report that:

(i) (a) a) The Company has maintained proper records showing full particulars including quantitative details and situation of Property Plant and Equipment and relevant details of right of-use assets.

b) The Company has maintained proper records showing full particulars of intangible assets.

(b) The Company has a regular programme of physical verification of its PPE by which all PPE are verified in a phased manner. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets. In our opinion, and according to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) The company doesnt have any immovable property other than the right of-use assets.

(d) The Company has not revalued any of its Property, Plant and Equipment (including right of- use assets) and intangible assets during the year.

(e) No proceedings have been initiated during the year or are pending against the Company as at March 31st 2024 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.

(ii) (a) The company is a Non-Banking Finance Company, primarily lending loans and the companys business does not involve inventories, accordingly Clause 3 (ii)(a) of the Order is not applicable to the company;

(b) According to the information and explanations given to us, the company has been sanctioned working capital limits in excess of five crore rupees, in aggregate, from banks or financial institutions on the basis of security of net current assets. The quarterly returns statements filed by the Company with such banks are m agreement with the books of account of the Company.

(iii) (a) The company is a Non-Banking Finance Company, whose principal business is to give loans, accordingly Clause (iii)(a) is not applicable

(b) In our opinion, the investments made and the terms and conditions of the grant of all loans and advances in nature of loans, during the year are, prima facie, not prejudicial to the companys interest.

(c) In respect of loans advances in nature of loans granted by the company, the schedule of repayment of principal and payment of interest has been stipulated and the repayments of principal amounts and receipts of interest has generally been regular as per stipulation. In cases where stipulated EMIs loan repayment are delayed, then provisioning of expected credit loss non-performing assets are made by company.

(d) In respect of the loans advances in nature of loans, the total amount overdue for more than ninety days as at March 31, 2024, is Rs. 734.45 Thousands. In such instances, in our opinion, based on information and explanations provided to us, reasonable steps have been taken by the Company for the recovery of the principal amounts and the interest thereon. Refer Note 4 in the financial statements.

(e) The company is a Non-Banking Finance Company, whose principal business is to give loans, accordingly Clause (iii)(e) is not applicable.

(f) The company has not granted any loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment during the year. Hence, reporting under Clause 3(m)(f) is not applicable.

(iv) The Company has complied with the provisions of Sections 185 and 186 of the Companies Act, 2013 in respect of loans granted, investments made and guarantees and securities provided, as applicable.

(v) The company has not accepted deposits or amounts which are deemed to be deposits, from the public. Hence, reporting under Clause 3(v) is not applicable.

(vi) The maintenance of cost records has not been specified by the Central Government under Sub- section (1) of section 148 of the Companies Act, 2013 for the business activities carried out by the Company. Accordingly, the provisions of clause 3(vi) of the Order is not applicable.

(vii) (a) The company has generally deposited amount deducted accrued in the books of account

in respect of undisputed statutory dues including Goods and service tax, provident fund, employees state insurance, income-tax, sales tax, service tax, duty of customs, duty of excise, value added tax, cess, profession tax and any other statutory dues to the extent applicable with the appropriate authorities. There are no arrears of outstanding statutory dues as on the last day of the financial year concerned for a period of more than six months from the date they became payable.

(b) There are no statutory dues referred to in items covered in sub clause (a) above, to the extent applicable, as at 31^?t March, 2024, which have not been deposited with the appropriate authorities on account of any dispute.

(viii) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not surrendered or disclosed any transactions, previously unrecorded as income m the books of account, in the tax assessments under the Income Tax Act, 1961 as income during the year

(ix) (a) The company has not defaulted in repayment of loans or borrowings or in the payment of interest to any lender. Hence reporting under Clause 3(ix)(a) of the Order is not applicable.

(b) The company is not declared as wilful defaulter by any bank or financial institution or other lender;

(c) The company has applied the term loans for the purposes for which the said loans were obtained;

(d) On an overall examination of the financial statements of the company, funds raised on short term basis have, prima facie, not been used during the year for long-term purposes by the company

(e) On an overall examination of the financial statements of the company, 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) The Company has not raised any loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies.

(x) (a) The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) during the year, hence reporting on Clause 3(x)(a) of the Order is not applicable.

(b) The Company has not made private placement of shares during the year under audit hence reporting on Clause 3(x)(b) of the Order is not applicable.

(xi) (a) No fraud by the Company and no material fraud on the Company has been noticed or reported during the year.

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

(c) The Company has not received any whistle blower complaint during the year and upto the date of this report

(xii) The Company is not a Nidhi Company, hence Clause 3(xn)(a), (b), (c) of the Order is not applicable;

(xiii) The transactions with the related parties are in compliance with sections 177 and 188 of the Act, 2013 where applicable and details have been disclosed in the financial statements, as required by the applicable Indian accounting standards;

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

(b) The company is not required to have an internal auditors u s 138 of the Companies Act 2013.

(xv) The company has not entered into non-cash transactions with directors or persons connected with him and hence provisions of section 192 of the Companies Act, 2013 are not applicable to the Company.

(a) The Company is registered under section 45-LA of the Reserve Bank of India Act 1934 as an Investment & Credit Company (Non-Deposit) since the year prior to year under audit.

(b) The Company has conducted Non-Banking financial activities with a valid certificate of registration (COR) from the Reserve Bank of India as per the Reserve Bank of India Act, 1934.

(c) The company is not a Core Investment Company and hence clause xvi (c) is not applicable.

(d) There is no core investment company within the Group (as defined in the Core Investment Companies (Reserve Bank) Directions, 2016) and accordingly reporting under Clause 3(xvi)

(d) of the Order is not applicable.

(xvii) On the basis of our examination of the records of the company, the company has incurred cash losses in the financial year of Rs. 1,218.68 Lacs and Rs. 479.63 Lacs in the immediately preceding financial year

(xviii) During the year, there has been resignation of statutory auditors, due to requirement of peer review- auditor as per rules of SEBI (LODR) Regulation, 2015. The outgoing auditors did not raise any issues, objections or concerns and we have obtained no objection certificate from the outgoing auditors for our appointments as statutory auditors of the company.

(xix) On the basis of the financial ratios, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other mformation accompanying the financial statements and our knowledge of the Board of Directors and Management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report indicating that company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the company.

We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date_: will get discharged by the company as and when they fall due.

(xx) During the year under audit, the provisions of Section 135 of the Companies Act, 2013 are not applicable hence Clause 3(xx)(a) and (b) of the Order are not applicable;

(xxi) The reporting under paragraph 3(xxi) of the Order is not applicable in respect of audit of financial statements. Accordingly, no comment in respect of paragraph 3(xxi) has been included in the report.

Annexure ‘IT to the Independent Auditors Report of the company for year ended 31^3t March, 2024 (Referred to in paragraph 1 under "Report on Other Legal and Regulatory Requirements" of our report of even date)

Report on the Internal Financial Controls

We have audited the internal financial controls over financial reporting of Purple Finance Limited ("the Company¹¹) as of March 31^5t, 2024 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 essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India ("ICAI"). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the 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 F mane ial Controls Over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgement, 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 opmion on the Companys internal financial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

The companys internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements m accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or unproper 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 out information and according to the explanation given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31", 2024, based on the internal control over financial reporting criteria established by the company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the ICAI.

For Jogin Raval & Associates

Chartered Accountants

ICAIs firm registration number: 128586W

CA Jogin Raval

Proprietor

Membership number: 122197

Place: Mumbai

Date: 20th April, 2024

UDIN: 24122197BKAOPI9872