QMS Medical Allied Services Ltd Auditor Reports

To the Members of QMS MEDICAL ALLIED SERVICES LIMITED,

Report on the Audit of the Standalone Financial Statements
Opinion

We have audited the accompanying standalone financial statements of QMS MEDICAL ALLIED
SERVICES LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2024 and the
Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information (hereinafter referred to as "Standalone
Financial Statements").

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid standalone financial statements give the information required by the Act in the manner so
required and give a true and fair view in conformity with the accounting principles generally accepted in
India, of the state of affairs of the Company as at 31^st March 2024, and its profit and its cash flows for the
year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10)
of the Act. Those Standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from material
misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the
disclosures in the financial statements. 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. In making those risk assessments, the auditor considers internal financial control
relevant to the Companys preparation of the financial statements that give a true and fair view in order
to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating
the appropriateness of the accounting policies used and the reasonableness of the accounting estimates
made by the Companys Directors, as well as evaluating the overall presentation of the financial
statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion on the financial statements.

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 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.

Key Audit matter	How our audit addressed the key audit matter:
Revenue Recognition	Our audit procedures included, among others, inquiries with management regarding significant new transactions and relevant changes in existing policies.
The company has recognised total revenue amounting to Rs.12,212.80 lakhs during the financial year. Revenue is a key performance indicator and therefore in internal and external stakeholders focus. This could lead to an increased audit risk relating to sales cut-off and revenues not being recorded in the proper accounting period.
	Walkthroughs were performed to gain an understanding of processes and internal controls, including management reviews, with respect to revenue recognition.
Considering that this amount is substantial and errors in measurement can lead to material impact we have considered this as a key audit matter.	On a sample basis, we reconciled revenue to the supporting documentation, such as sales orders and invoices.
	A specific emphasis was set on verifying that revenue transactions at the end of the financial year and at the beginning of the new financial year have been recognized in the proper accounting period by comparing revenues close to the balance sheet date.

Information Other than the Financial Statements and Auditors Report Thereon

The Companys Board of Directors is responsible for the other information. The other information
comprises the information included in the Management Discussion and Analysis, Boards Report including
Annexures to Boards Report, Business Responsibility Report, Corporate Governance and Shareholders
Information, but does not include the consolidated financial statements, standalone 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 standalone financial statements, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the standalone 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 in this regard.

Managements Responsibility for the Financial Statements

The Management is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the
Act") with respect to the preparation of these standalone financial statements that give true and fair view of
the financial position, financial performance and cash flows of the company in accordance with the
accounting principles generally accepted in India, including the Accounting Standards specified under
section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2016. 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 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, 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 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 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 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 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 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 financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events
in a manner that achieves fair presentation.

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

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 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 (Auditor report) Order, 2020 ("The Order") Issued by the Central
Government of India in terms of Section 143(11) of the Act, we give the "Annexure - A" statement on
the matter specified in paragraph 3 & 4 of the order.

2. (A). 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 purposes of our audit.

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

c. The Standalone Balance Sheet, the Standalone Statement of Profit and Loss and the Standalone
Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d. In our opinion, the aforesaid standalone financial statements comply with the Accounting

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

e. On the basis of the written representations received from the directors as on 31st March 2024 taken
on record by the Board of Directors, none of the directors is disqualified as on 31st March 2024
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 of the
Company and the operating effectiveness of such controls, refer to our separate Report in
"Annexure B". Our report expresses an unmodified opinion on the adequacy and operating
effectiveness of the Companys internal financial controls over financial reporting.

g. With respect to the matter to be included in the Auditors Report under Section 197(16) of the
Act, as amended:

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 in accordance with the provisions
of Section 197 of the Act read with schedule V 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:

a. The company does not have any pending litigations, which would impact its financial position.

b. The Company did not have any long-term contracts including derivative contracts for which
there were any material foreseeable losses.

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

d. (i). The Management has represented that, to the best of its knowledge and belief, no funds
(which are material either individually or in the aggregate) have been advanced or loaned or
invested (either from borrowed funds or share premium or any other sources or kind of funds)
by the Company to or in any other person or entity, including foreign entity ("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 by or on behalf of the Company ("Ultimate Beneficiaries")

• provide any guarantee, security, or the like on behalf of the Ultimate Beneficiaries.

(ii) . The Management has represented, that, to the best of its knowledge and belief, no funds
(which are material either individually or in the aggregate) have been received by the
Company from any person or entity, including foreign entity ("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 by or on behalf of the Funding Party ("Ultimate Beneficiaries")

• provide any guarantee, security, or the like on behalf of the Ultimate Beneficiaries.

(iii) . Based on the audit procedures that have been 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 (i) and (ii) of Rule 11(e), as provided under d(i) and d(ii)
above, contain any material misstatement.

e. The dividend declared or paid during the year by the Company is in compliance with Section 123
of the Act.

f. As Based on our examination and according to the information and explanation given to us, we

report that the feature of audit trail (edit log) facility was enabled at the database level to log any
direct data changes for the accounting software used for maintaining the books of accounts.

Also the feature of audit trail was enabled from 1^st April 2023 to 31^st March 2024.

Annexure "A" Auditors Report

Annexiire referred to in Paragraph 1 under the heading of "Report on Other Legal and

Regulatory Requirements" of the Independent Auditors Report on the Accounts of QMS

MEDICAL ALLIED SERVICES LIMITED (‘the company) for the year ended 31st March 2024.

i. a. (A) The company has maintained proper records showing full particulars, including quantitative

details and situations of Property, Plant and Equipment.

(B) The company has maintained proper records showing full particulars of Intangible Assets.

b. 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 a regular programme of physical verification of its
Property, Plant and Equipment by which all property, plant and equipment are verified in a phased
manner. In accordance with this programme, certain property, plant and equipment were verified
during the year. In our opinion, this periodicity of physical verification is reasonable having regard
to the size of the Company and the nature of its assets. No material discrepancies were noticed on
such verification.

c. According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the title deeds of immovable properties are held in the name of the
company.

d. 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 revalued its Property, Plant & Equipment, and
Intangible Assets during the year.

e. According to the information and explanations given to us and on the basis of our examination of
the records of the Company, no proceedings are initiated or are pending against the Company for
holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended
in 2016) and rules made thereunder.

ii. a. As explained to us, the inventory has been physically verified by the management at regular
intervals during the year. In our opinion and according to the information and explanations given to
us, the coverage and procedure of such verification by the Management is appropriate having regard
to the size of the Company and the nature of its operations. No discrepancies of 10% or more in the
aggregate for each class of inventories were noticed on such physical verification of inventories when
compared with books of account.

b. During the year, the Company has been sanctioned working capital limits in excess of Rs.5 crores,
in aggregate, from banks on the basis of security of current assets. The Company has filed
quarterly returns or statements with such banks, which are in agreement with the books of account
other than those set out below.

(Rs in lakhs)

Name of the Bank	Nature of CA offered as security	Quarter Ended	Amount as per books	Amount disclosed as per statements	Difference	Reason for difference
HDFC Bank / Citi Bank	Refer Note below	Jun-23	4,913.91	4831.20	82.71	Variations are attributable to submission of statements to bank pending closure of quarterly accounting entries.
		Sep-23	5,453.04	5572.17	(119.14)
		Dec-23	5,738.19	5832.56	(94.37)
		Mar-24	5,918.63	5897.96	20.66

Note on Nature of Current Asset offered as security

Secured by charge on all existing and future current assets and movable fixed assets, mortgage over factory
land & building and personal guarantee of directors and promoters.

iii. a. According to the information and explanations given to us and on the basis of examination
of books and record by us,

(A) The Company has no subsidiaries, joint ventures and associates to which it has granted any
loans or provided advances in the nature of loans or stood guarantee or provided security
during the year. Accordingly, reporting under clause 3(iii)(a)(A) of the order is not
applicable.

(B) The company has only granted unsecured loans or advances in the nature of loans to
employees as specified below:

Aggregate amount granted during the year	Amounts (Rs. In Lacs)
Staff Loans	60.08
Inter Corporate Deposits	55.00
Balance outstanding at the balance sheet date
Staff Loans	93.39
Inter Corporate Deposits	325.00

b. According to the information and explanations given to us and on the basis of examination of
books and record by us, the terms and conditions of the grant of loans and advances in the nature
of loans, as referred to a(b) above, are not prima facie prejudicial to the interest of the company.

c. According to the information and explanations given to us and on the basis of examination of books and record by us, In respect of loans and advances in the nature of loans
granted by the company, there is no predefined schedule for repayment of loans.

d. According to the information and explanations given to us and on the basis of examination of
books and record by us, there is no amount overdue of loans and advances in the nature of loans
granted by the company.

e. No loans or advances in the nature of loans granted by the company that have fallen due during
the year, have been renewed or extended or fresh loans granted to settle the overdue of existing
loans given to the same parties.

iv. According to the information and explanations given to us and on the basis of our examination of
records of the Company, in respect of investments made and loans, guarantees and security given by
the Company, in our opinion the provisions of Section 185 and 186 of the Companies Act, 2013
("the Act") have been complied with.

v. The Company has not accepted any deposits or amounts which are deemed to be deposits from the
public. Accordingly, clause 3(v) of the Order is not applicable to the Company.

vi. In my opinion and according to the information and explanations given to me the Central
Government has not prescribed maintenance of cost records under sub-section (1) of section 148 of
the Companies Act, 2013.

vii. In respect of Statutory Dues:

(a) . According to information and explanations given to us and based on audit procedures
performed by us, the Company has been regular in depositing undisputed statutory dues
including Goods and Service Tax, Provident Fund, Employees State Insurance, Income-tax,
with the appropriate authorities There are no arrears of outstanding statutory dues at the end of
the year, for a period of more than six months from the date they became payable except as
mentioned below:

(i) Demand under TDS as per Traces website is reflected as Rs.90,190/-, the company is in
process of identifying the reason for such demand and accordingly will resolve the same.

(b) . According to records examined by us and the information and explanation given to us and
based on audit procedures performed by us, there are no disputed amounts due in respect of
statutory dues as referred in sub clause (a) above.

viii. According to the information and explanations given to us and on the basis of our
examination of records of the Company, there were no transactions relating to previously
unrecorded income that were surrendered or disclosed as income in the tax assessments
under the Income Tax Act, 1961. Accordingly, the requirement to report on clause 3(viii) of
the order is not applicable to the company.

ix. (a). According to the information and explanations given to us and on the basis of our
examination of records of the Company, the Company has not defaulted in the repayment of
loans or other borrowings or in the payment of interest thereon to any lender during the year.

(b) . 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 been declared a willful
defaulter by any bank or financial institution or government or government authority.

(c) . In our opinion, and according to the information and explanations given to us, the term
loans have been applied, on an overall basis for the purposes for which they were obtained.

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

(e) . According to the information and explanations given to us and on an overall
examination of the standalone financial statements of the Company, we report that 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. Accordingly, clause 3(ix)(e) of
the order is not applicable.

(f). According to the information and explanations given to us and procedures performed
by us, we report that the Company has not raised loans during the year on the pledge of
securities held in its subsidiaries as defined under the Companies Act, 2013. Accordingly,
clause 3(ix)(f) of the Order is not applicable.

x. The company has not raised money by the way of initial public offer or further public offer
(including debt instruments), nor has the company made any preferential allotment or
private placement of shares therefore reporting under clause (x) of the said order is not
applicable.

xi. (a). Based on examination of the books and records of the Company and according to the
information and explanations given to us, considering the principles of materiality outlined
in Standards on Auditing, we report that no fraud by the Company or on the Company has
been noticed or reported during the course of the audit.

(b). According to the information and explanations given to us, no report under section
143(12) of the 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). According to the information and explanations given to us, there were no whistle-blower
complaints received by the Company during the year and up to the date of this report.

xii. According to the information and explanations given to us, the Company is not a Nidhi
Company. Accordingly, clause 3(xii) of the Order is not applicable.

xiii. In our opinion and according to the information and explanations given to us, the Company
is in compliance with Section 177 and 188 of the Companies Act, where applicable, for all
transactions with the related parties and the details of related party transactions have been
disclosed in the standalone 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 for the year under audit, issued to the
company and till date, in determining the nature, timing and extent of our audit procedure.

xv. According to information and explanation given to us and on the basis of books of accounts
examined by us, the company has not entered into non-cash transactions with any of its
directors or directors of its holding company, subsidiary company or persons connected with
such directors. Accordingly, reporting under clause 3(xv) of the order is not applicable.

xvi. The Company is not required to be registered under Section 45-IA of the Reserve Bank of
India Act, 1934. Hence, reporting under clause (xvi)(a), (b), (c) and (d) of the Order is not
applicable.

xvii. The Company has not incurred cash losses during the financial year covered by our audit
and the immediately preceding financial year.

xviii. There has been no resignation by the statutory auditors of the Company during the year.
Accordingly, reporting under clause 3(xviii) of the order is not applicable.

xix. On the basis of the financial ratios (as disclosed in financials), ageing and expected dates of
realization of financial assets and payment of financial liabilities, other information
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

xx. 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 guarantee nor any assurance that all
liabilities falling due within the period of one year from the balance sheet date, will get
discharged by the company as and when they fall due.

xxi. The Company has fully spent (including excess spending of earlier years) the required
amount towards Corporate Social Responsibility (CSR) and there are no unspent CSR
amount for the year requiring a transfer to a Fund specified in Schedule VII to the
Companies Act or special account in compliance with the provision of Sub-section (6) of
Section 135 of the said Act. Accordingly, reporting under clause (xx) of the Order is not
applicable for the year.

Annexiire "B" Auditors Report

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

Opinion

We have audited the internal financial controls over financial reporting of QMS Medical Allied Services
Limited ("the Company") as of March 31, 2024 in conjunction with our audit of the standalone financial
statements of the Company for the year ended on that date.

In our opinion, 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 Institute of Chartered
Accountants of India.

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.

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 deemed to be prescribed under section
143(10) of the Act to the extent applicable to an audit of internal financial controls, both applicable to an
audit of internal financial controls and both issued by the ICAI. Those Standards and the Guidance Note
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 opinion on the Companys internal financial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A 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

a) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company;

b) provide reasonable assurance that transactions are recorded as necessary to permit 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 authorisations of
management and directors of the company; and

c) 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 financial
statements.

UDIN: 24033355BKEHNB2503

For P. V. DALAL & Co.

Chartered Accountants

FRN: 102049W

 

SD/-

PARESH V. DALAL

(PROPRIETOR)

Membership No. 033355

 

Place: Mumbai

Date: 23.05.2024

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 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.