Qgo Finance Ltd Auditor Reports

Independent Auditors Report

To

The Members of QGO Finance Limited

Report on the audit of the Ind AS Financial Statements

I. Opinion

We have audited the accompanying financial statements of QGO Finance Limited ("the Company"), which comprise the Balance sheet as at March 31, 2025, and the Statement of Profit and Loss (including Other Comprehensive Income), Statement of Changes in Equity and Statement of Cash Flows for the year then ended, and notes to the financial statements, including a summary of material accounting policies information and other explanatory information (together referred to as "Ind AS financial statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS financial statements give the information required by the Companies Act, 2013, as amended, ("Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 as amended ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025, its profit including other comprehensive income, changes in equity and its cash flows for the year then ended.

II. Basis for Opinion

We conducted our audit of the Ind AS financial statements in accordance with the Standards on Auditing ("SAs") specified under section 143(10) of the Act. Our responsibilities under those SAs are further described in the Auditors Responsibilities for the Audit of the Ind AS 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 Ind AS financial statements under the provisions of the Act, 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 the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion on Ind AS financial statements.

III. Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone Ind AS financial statements of the financial year ended March 31, 2025. These matters were addressed in the context of our audit of the Standalone Ind AS 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.

IV. Information Other than the Standalone Ind AS Financial Statements and Auditors Report thereon

The Companys management and Board of Directors is responsible for the preparation of the other information. The other information included in the Annual Report which also comprises the information included in the Companys Directors Report including Annexures to Boards Report, Management Discussion and Analysis and Report on Corporate Governance but does not include the Standalone Ind AS Financial Statements and our auditors report thereon. The Annual Report is expected to be made available to us after the date of this Audit Report.

Our opinion on the Standalone Ind AS Financial Statements does not cover the other information and we do not and will not express any form of assurance conclusion thereon.

In connection with our audit of the standalone Ind AS Financial Statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the Standalone Ind AS Financial Statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

When we read the annual report, if based on the work we have performed and if we conclude that there is a material misstatement of this other information, we are required to report that fact to those charged with governance and take appropriate actions in accordance with Standards on Auditing. We have nothing to report in this regard.

V. Managements responsibility for the Ind AS 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 Ind AS Financial Statements that give a true and fair view of the financial position, financial performance including other comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. 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 Ind AS Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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

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

VI. Auditors responsibilities for the audit of the Ind AS 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 Ind AS Financial Statements.

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

• Identify and assess the risks of material misstatement of the Ind AS 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) the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls 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 the management.

• Conclude on the appropriateness of the 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 Ind AS 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 conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Ind AS Financial Statements, including the disclosures, and whether the Ind AS 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 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 year 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.

VII. Other Matter

The Ind AS financial statements of the Company for the year ended March 31,2024, included in these Ind AS financial statements, have been audited by the predecessor auditors, Messrs Bengali & Co. Chartered Accountants, who expressed an unmodified opinion on those statements on May 13,2024.

Our Opinion is not modified in respect of these matters.

VIII. Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor⁷s Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the "Annexure A", a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

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

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

ii) In our opinion, proper books of account as required by law have been kept by the company so far as it appears from our examination of those books except for the matters stated in the paragraph 17.6 below on reporting under Rule 11(g).

iii) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the books of account.

iv) In our opinion, the aforesaid Ind AS Financial Statements comply with the Ind AS specified under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended.

v) On the basis of the written representations received from the directors as on March 31, 2025 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.

vi) With respect to the adequacy of the internal financial controls with reference to Ind AS Financial Statements of the Company and the operating effectiveness of such controls, refer to our separate report in "Annexure B".

vii) In our opinion, the managerial remuneration for the year ended March 31, 2025 has been paid / provided by the Company to its directors in accordance with the provisions of Section 197(16) read with Schedule V to the Act.

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, we report as under:

i) The Company does not have any pending litigations which would have an impact on its financial position as at March 31, 2025 in its Standalone Ind AS Financial Statements;

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

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

iv) a) The management has represented to us 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 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 to or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the ultimate Beneficiaries.

b) The management has represented that, to the best of its knowledge and belief, no funds 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 manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

c) Based on such audit procedures that we 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 (a) and (b) contain any material misstatement.

v) The Board of Directors of the Company have proposed interim dividend for the quarter ended March 31,2025 and paid interim dividend in past 3 quarters.

vi) 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 except in respect of maintenance of Fixed Asset records and payroll records which are not maintained in the accounting software and wherein the accounting software did not have audit trail feature enabled for the same. The Audit trail facility has been operating throughout the year for all relevant transactions recorded in the software/ application. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with in respect of the accounting software.

For the previous financial year (April 1,2023 to March 31,2024), the audit trail has been preserved by the Company in accordance with statutory record retention requirements except in respect of the transactions as mentioned above, where the audit trail is not maintained and hence not retained.

	For R. C. RESHAMWALA & CO.
	CHARTERED ACCOUNTANTS
	FRN: 108832W
	MANISH R. RESHAMWALA
Mumbai: 26th May. 2025	PARTNER
UDIN: 25106586BMTDVJ6623	MEMBERSHIP NO. 106586

OGO FINANCE LIMITED - ANNEXURE A

Annexure A referred to in Paragraph VIII (1) titled as "Report on Other Legal and Regulatory Requirements" of Independent Auditors report of even date to the members of OGO FINANCE LIMITED for the year ended 31^st March, 2025.

Report on the Companies (Auditors Report) Order, 2020 under sub section 11 of section 143 of the Companies Act, 2013.

On the basis of such checks as we considered appropriate and in terms of information and explanations given to us, we state that:

I a) (A) The company has maintained proper records, showing full particulars including quantitative details and situation of Property, Plant and Equipment.

(B) The company has maintained proper records, showing full particulars of intangible assets.

b) As explained to us, the property, plant and equipment have been physically verified by the management during the year according to a phased program of verification. In our opinion such programme is reasonable considering the size and nature of its assets. We have been further informed that no material discrepancies were noticed on such verification, by the management, between the book records and the physical verification.

c) According to the information and explanations given to us and the records examined by us, the company has invested in immovable properties however being under construction are reflected as capital advances and not yet registered in the name of the company. Thus, the Company does not own any immovable property. As such, clause 3(i)(c) of the order is not applicable to the Company.

d) The Company has not revalued any of its Property, Plant and Equipment or intangible assets during the year. As such, clause 3(i) (d) of the Order is not applicable to the Company.

e) According to the information and explanation given to us, no proceedings have been initiated during the year or are pending against the Company as at 31^st March, 2025 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder, hence reporting under Clause 3 (i) (e) of the Order is not applicable to the Company.

II. a) The Company is engaged in lending business Accordingly, does not have any stock or inventory. Thus, the question of reporting under Clause 3 (i) (e) of the Order is not applicable to the Company.

b) According to the information and explanation given to us and the records of the Company examined by us, the Company has not been sanctioned any working capital limits exceeding Rs. 5 crores. There is no requirement to file quarterly return or statements by the Company with the banks or financial institutions. Thus, the question of reporting under Clause 3 (ii) (b) of the Order is not applicable to the Company.

III. The Company has not made investments, nor provided any guarantee or security or granted any advances or loans in the nature of loans, secured or unsecured, to firms, Limited Liability Partnerships or any other parties during the year. As such clause 3 (iii) (a to f) of the Order are not applicable to the Company.

IV According to the information and explanations given to us, the Company has not granted any loans or made any investments or provided any guarantees or security to the parties covered under Section 185 and 186 of the Act. As such, the provision of Clause 3(iv) of the Order is not applicable to the Company.

V. According to the information and explanations given to us and according to the records

of the Company examined by us the Company has not accepted deposits from the public or amounts deemed to be deposits. Hence the directives issued by the Reserve Bank of India and the provisions of Sec 73 to 76 or any other relevant provisions of the Companies Act are not applicable. Further no order has been passed by the Company Law Board or the National Co-Law Tribunal or the Reserve Bank of India or any court or any other Tribunal. As such, the provisions of clause 3(v) are not applicable to the Company.

VI. In the present case, the Central Government has not prescribed the maintenance of cost records under Section 148(1) of the Act. Accordingly, clause 3(vi) of the Order is not applicable to the Company.

VII. a) According to the information and explanations given to us and according to the records of the Company examined by us, in our opinion, the Company is regular in depositing with the appropriate authorities undisputed statutory dues including Goods and Service Tax, Provident Fund, Employees State Insurance, Income-tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Value Added Tax, Cess and any other statutory dues, wherever applicable. There are no arrears of outstanding statutory dues as at the last day of the financial year for a period of more than six months from the date they became payable.

b) According to the information and explanations given to us and the records of the Company examined by us, there are no dues of Goods and Service Tax, Provident Fund, Employees State Insurance, Income-tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Value Added Tax, Cess and any other statutory dues which have not been deposited on account of any dispute except for the following:

Name of Statute	Nature of Dues	Amount (Rs.)	Period for which Amount is Due	Forum where dispute is pending
Income Tax Act	Order U/s 143(1) (a)	46,43,500	A.Y.2024-25	Rectification CPC
Income Tax Act	Order U/s 143(1) (a)	6,80,090	A.Y.2022-23	Rectification CPC
	Total	53,23,590

VIII. According to the information and explanations given to us and the records of the Company examined by us, there were no transactions relating to previously unrecorded income that were surrendered or disclosed as income during the year, in the tax assessments under the Income Tax Act, 1961.

IX. (a) According to the records of the Company examined by us and the information and explanations given to us, the Company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender.

(b) The Company is not declared a willful defaulter by bank or financial institution or other lender.

(c) The Company has not taken any term loans.

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

(e) As informed to us by the management, the Company does not have any subsidiaries, associates or joint ventures and hence the question of taking any funds from any entity or person on account of or to meet the obligations of its subsidiaries, associates or joint ventures does not arise.

(f) The Company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies. Hence reporting under this clause does not arise.

X. (a) The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) during the year and hence reporting under paragraph 3 (x)(a) of the Order is not applicable to the Company.

(b) The Company has issued and allotted 1,100 non-convertible debentures of Rs. 1,00,000/ - each amounting to Rs. 11,00,00,000 during the year. As per the records of the Company and information and explanation given to us by the management, the issue was in compliance with the requirements of section 42 and section 62 of the Act. The funds raised have been used for the purpose for which funds were raised

XI. (a) During the course of our examination of the books and records of the Company carried out in accordance with the generally accepted auditing practices in India and according to the information and explanations given to us, no fraud by the company or any 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 up to the date of this report.

(c) As per the records of the Company and information and explanation given to us by the management, the Company has not received any whistle blower complaints during the year.

XII. The Company is not a Nidhi company. As such, clause 3 (xii) of the Order is not applicable to the Company.

XIII. According to the information and explanations given to us and the records of the Company examined by us, the Company has complied with the provisions of sections 177 and 188 of the Act in respect of transactions with the related parties and the details have been disclosed in the Financial Statements as required by the applicable accounting standards

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

(b) We have taken into consideration, the internal audit reports for the period under audit issued to the Company till the date of Auditors Report for determining the nature, timing and extent of audit procedures.

XV. According to the records of the Company examined by us and the information and explanations given to us, the Company has not entered into any non-cash transactions with directors or persons connected with them covered under the provisions of section 192 of the Act.

XVI. According to the information and explanations given to us and the records of the Company examined by us,

(a) The Company has registered as required, under section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934).

(b) According to the information and explanations given to us, the company holds a valid Certificate of Registration (CoR).

(c) The Company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India and hence reporting under paragraph 3 (xvi)(c) of the Order is not applicable to the Company.

(d) There is no Core Investment Company as a part of the Group, hence, the requirement to report on paragraph 3(xvi)(d) of the Order is not applicable to the Company.

XVII. According to the information and explanations given to us and the records of the Company examined by us, the Company has not incurred cash losses in the financial year nor in the immediately preceding financial year.

XVIII. There has been no resignation of the statutory auditors during the year. Accordingly, the reporting under paragraph 3(xviii) of the Order is not applicable to the Company.

XIX. According to the information and explanations given to us and on the basis of the financial ratios (as disclosed in Ind-AS Financial Statements), ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying the financial statements, 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 that the 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. According to the information and explanations given to us and the records of the Company examined by us, Section 135 of the Companies Act, 2013 related to CSR is not applicable to the Company as the company is not covered under definition mentioned in Section 135 of the Companies Act. As such, clause 3(xx) (a and b) of the Order are not applicable to the Company.

	For R. C. RESHAMWALA & CO.
	CHARTERED ACCOUNTANTS
	FRN: 108832W
	MANISH R. RESHAMWALA
Mumbai: 26th May, 2025	PARTNER
UDIN: 25106586BMTDVJ6623	MEMBERSHIP NO. 106586

Annexure B referred to in Paragraph VIII (2)(vi) titled as "Report on Other Legal and Regulatory Requirements" of the Independent Auditors Report of our report of even date to the members of QGO Finance Limited on the Standalone Financial Statement for the year ended 31^st March, 2025.

Report on the Internal Financial Controls under Section 143(3) (i) of the Companies Act, 2013 ("the Act").

Opinion

We have audited the internal financial controls with reference to financial statements of QGO FINANCE LIMITED ("the Company") as of March 31, 2025 in conjunction with our audit of the Standalone Ind AS Financial Statements of the Company for the year ended on that date.

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 with reference to financial statements and such internal financial controls with reference to financial statements were operating effectively as at March 31, 2025 based on the criteria for internal financial control over financial reporting 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 ("the Guidance Note") issued by the Institute of Chartered Accountants of India (ICAI).

Managements Responsibility for Internal Financial Controls

The Companys board of Directors 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 the companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls with reference to financial statements based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing, specified 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 ICAI. 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 with reference to financial statements 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 with reference to financial statements and their operating effectiveness. Our audit of internal financial controls with reference to financial statements included obtaining an understanding of internal financial controls with reference to financial statements, 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 opinion on the Companys internal financial controls system with reference to financial statements.

Meaning of Internal Financial Controls Over Financial Reporting

A Companys internal financial control with reference to financial statements 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 with reference to financial statements 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 Ind AS financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use or disposition of the companys assets that could have a material effect on the Ind AS financial statements.

Inherent Limitations of Internal Financial Controls with reference to Ind AS Financial Statements

Because of the inherent limitations of internal financial controls with reference to Ind AS 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, projections of any evaluation of the internal financial controls with reference to financial statements to future periods are subject to the risk that the internal financial control with reference to financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

	For R. C. RESHAMWALA & CO.
	CHARTERED ACCOUNTANTS
	FRN: 108832W
	MANISH R. RESHAMWALA
Mumbai: 26th May, 2025	PARTNER
UDIN: 25106586BMTDVJ6623	MEMBERSHIP NO. 106586