Qualiance International Ltd Auditor Reports

To,

The Members of,

Qualiance International Private Limited

Opinion

I have audited the accompanying Financial Statements of Qualiance International Private Limited ("the Company"), which comprise the Balance Sheet as at 31st March 2025, the Statement of Profit and Loss account, the Cash Flow Statement for the year then ended and a Summary of significant accounting policies and other explanatory information (hereinafter referred to as "Financial Statements").

In my opinion and to the best of my information and according to the explanations given to me, the aforesaid Financial Statements give the information required by the Companies Act, 2013 ("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 31st March 2025, its Loss and its cash flows for the year ended on that date.

Basis for Opinion

I conducted my audit in accordance with the Standards on Auditing (SAs) specified under section 143 (10) of the Companies Act, 2013. My responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Financial Statements section of my report. I am independent of the Company, in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India, together with the ethical requirements that are relevant to my audit of the Financial Statements under the provisions of the Companies Act, 2013 and the rules thereunder, and I have fulfilled my other ethical responsibilities in accordance with these requirements and the Code of Ethics.

I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Key Audit Matters

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

Reporting of key audit matters as per SA 701 - Key Audit Matters are not applicable to the Company as it is an unlisted company.

Information other than the financial statements and auditors report thereon

The Companys Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Boards Report including Annexures to Board s Report but does not include the financial statements and my auditors report thereon.

My opinion on the Financial Statements does not cover the other information and I do not express any form of assurance conclusion thereon.

In connection with my audit of the Financial Statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Financial Statements or my knowledge obtained during the course of my audit or otherwise appears to be materially misstated.

If, based on the work I have performed, I conclude that there is a material misstatement of this other information; I am required to report that fact. 1 have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements

The Companys Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these Financial Statements that give a 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 (AS) prescribed under Section 133 of the Act read with relevant rules issued thereunder.

This responsibility also includes maintenance of adequate accounting records in accordance with the provision 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 arc 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.

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

Auditors Responsibilities for the Audit of the Financial Statements

My 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 auditor s report that includes my 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, I exercise professional judgment and maintain professional skepticism throughout the audit. I 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 my 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, I am also responsible for expressing my opinion on whether the Company has an 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 I conclude that a material uncertainty exists, I am required to draw attention in my auditors report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify my opinion. My conclusions are based on the audit evidence obtained up to the date of my 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 standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influenced. I consider quantitative materiality and qualitative factors in (i) planning the scope of my audit work and in evaluating the results of my work; and (ii) to evaluate the effect of any identified misstatements in the standalone financial statements.

I 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 I identify during my audit.

I also provide those charged with governance with a statement that I 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 my independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, I 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. I describe these matters in my auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, I determine that a matter should not be communicated in my report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 ("the Order") issued by the Central Government in terms

of Section 143 (11) of the Act, 1 have enclosed in the annexure a statement on matters specified in paragraph 3 & 4 of

the said order.

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

a. I have sought and obtained all the information and explanations which, to the best of my knowledge and belief, were necessary for the purpose of my audit.

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

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

d. In my opinion, the aforesaid standalone Financial Statements comply with the Accounting Standards prescribed under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014.

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

f. With respect to the adequacy of the Internal Financial Controls with reference to Financial Statements of the Company and the operating effectiveness of such controls, refer to our separate Report in ANNEXURE "B". Our report expresses an unmodified opinio

g. With respect to the other matters to be included in the Auditors report in accordance with the requirements of Sec 197(16) of the Act as amended, I report that Section 197 is not applicable to a Private Company. Hence reporting as per Section 197(16) is not required.

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 my opinion and to the best of my information and according to the explanations given to me:

i. As informed to me, the Company does not have any pending litigations which would impact its financial position.

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 that, to the best of its knowledge and belief, other than as disclosed in the notes to accounts, 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 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, other than as disclosed in the notes to the accounts, 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 have been considered reasonable and appropriate in the circumstances, nothing has come to my notice that has caused us to believe that the representations under subclause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material mis-statement.

v. No dividend has been declared or paid during the year by the Company.

vi. Based on my 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 and the same has operated throughout the year for all relevant transactions recorded in the software. Further, during the course of my audit 1 did not come across any instance of audit trail feature being tampered with.

	For Mehta Doshi & Associates
	Chartered Accountants
	FRN: 106209W
	UDIN - 25016077BMICZT2614
M No. 016077 FRN-106209W
	(Ashok S. Mehta)
Place : Mumbai	Proprietor
Date : July 15,2025	M. No. 016077

ANNEXURE "A" TO THE INDEPENDENT AUDITORS REPORT

REPORT ON THE COMPANIES (AUDITORS REPORT) ORDER, 2020

(REFERRED TO IN PARAGRAPH 1 UNDER REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS OF MY REPORT OF EVEN DATE)

In terms of the information and explanations sought by me and given by the Company and the books and records examined by me in the normal course of audit and to the best of my knowledge and belief, I 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 does not have any Intangible Assets. Accordingly, clause 3(l)(a)(B) of the Order is not applicable to the Company.

(b) As explained to me, all Property, Plant and Equipment have not been physically verified by the management during the year but there is a regular programme of verification which, in my opinion, is reasonable having regard to the size of the Company and the nature of its Property, Plant and Equipment. No material discrepancies were noticed on such verification.

(c) The title deeds of all immoveable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee) disclosed in the Financial Statements are held in the name of the Company.

(d) According to the information and explanations given to me and on the basis of my examination of the recoids of the Company, the company has revalued its Property, Plant and Equipment (including Right of Use assets) or intangible assets or both during the year. The revaluation is based on the valuation by a Registered Valuer. 1 he amount of change in net carrying value of Property, Plant and Equipment where change is more than 10% is as under:

Description of property	Gross carrying value before Revaluation	Revaluated Value (in Rs.)	Amount of change	% change in value	Remark
Tirupur land and building	6,49,85,000	9,90,86,055	3,41,01,055	52.48%	Valuation as per report dated 04/03/2024
Commercial Premises 405, 406, 407-B Knox	3,40,56,000	3,87,38,700	46,82,700	13.75%	Valuation as per report dated 29/02/2024
Commercial Premises 206-B Knox	1,27,44,000	1,44,96,300	17,52,300	13.75%	Valuation as per report dated 29/02/2024

(e) No proceedings have been initiated nor are pending against the Company for holding any Benami Property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

II ( a ) As explained to me, the inventory has been physically verified at reasonable intervals during the year by the management. In my opinion, the coverage and procedure of verification is appropriate. No discrepancies of 10 a. or more in the aggregate for each class of inventory were noticed on verification between the physical stocks and the book records.

(b) According to the information and explanations given to me and on the basis of my examination of the records of the Company, 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 current assets during any point of time of the year. The quarterly returns or statements filed by the company with such banks or financial institutions aie in agreement with the books of account of the Company.

HI. As explained to me, the Company had not made any investments in, nor provided any guarantee or security or granted any loans or advances in the nature of loans, secured or unsecured, to any companies, firms, Limited Liability Partnerships or any other parties. Accordingly, provisions of clause 3(!II)(a), 3(IIl)(b), 3(IlI)(c), 3(III)(d), 3(III)(e) and 3(III)(f) of the Order are not applicable to the Company.

IV. According to the information and explanations given to me, the Company has not given any loans, investments guarantees, or security where provision of Section 185 and 186 of the Companies Act, 2013 are to be complied with.

V. In my opinion and according to the information and explanations given to me, the Company has not accepted any deposits which are deemed to be deposits, covered under the provisions of section 73 to 76 or any other relevant provisions of the Act and the rules framed there under, where applicable. According to the information and explanations given to me, no order has been passed by the Company Law Board or National Company Law 1 1 ibunal or Reserve Bank of India or any court or any other tribunal, in this regard.

VI. As per information & explanation given by the management, maintenance of cost records has not been prescribed under section 148(1) of the Act.

VII. a) According to the information and explanations given to me and on the basis of my examination of the records of

the Company, the Company is generally regular in depositing, with appropriate authorities, undisputed statutory dues including Goods and Services Tax, Provident Fund, Employees State Insurance, Income Tax, Sales lax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues applicable to it.

According to the information and explanations given to me, no undisputed amounts payable in respect of Goods and Services Tax, Income Tax, Wealth Tax, Service Tax, Sales Tax, Custom Duty, Excise Duty and Cess were in arrears, as at 31st March 2025 for a period of more than six months from the date they became payable.

b) According to the information and explanations given to me, there are no dues of Goods & Services Tax (GST), Income Tax, Custom Duty, Wealth Tax, Excise Duty and Cess which have not been deposited on account of any dispute, except following:

Name of the Statute	Nature of the Dues	Amount (Rs.)	Period to which the amount relates	Forum where Dispute is pending	Remarks, if Any
GST	Tax	15,06,960	F.Y. 17- 18	The Commissioner (FAC) Assistant (ST)	Appeal filed (10% of disputed tax amount Rs. 1,50,696 deposited)
GST	Interest	18,48,976	F.Y. 17- 18	The Commissioner (FAC) Assistant (ST)	Appeal Hied
GST	Penalty	15,06,960	F.Y. 17- 18	The Commissioner (FAC) Assistant (ST)	Appeal filed
GST	Tax	10,88,545	F.Y. 18- 19	The Commissioner (FAC) Assistant (ST)	Appeal filed (10% of disputed tax amount Rs. 1,08,855 deposited)
GST	Interest	10,76,57	F.Y. 18- 19	The Commissioner (FAC) Assistant (ST)	Appeal filed
GST	Penalty	10,90,795	F.Y. 18- 19	The Assistant Commissioner (ST) (FAC) Appeal filed
GST	Tax	9,01,764	F.Y. 19- 20	The Assistant Commissioner (ST) (FAC) Appeal filed (10% of disputed tax amount Rs.90,178 deposited)
GST	Interest	6,77,385	F.Y. 19- 20	The Assistant Commissioner (ST) (FAC) Appeal filed
GST	Penalty	9,08,104	F.Y. 19- 20	The Assistant Commissioner (ST) (FAC) Appeal filed
GST	Tax	32,59,385	F.Y. 20- 21	The Assistant Commissioner (ST) (FAC) Appeal filed (10% of disputed tax amount Rs. 3,25,941 deposited)
GST	Interest	16,06,673	F.Y. 20- 21	The Assistant Commissioner (ST) (FAC) Appeal filed
GST	Penalty	33,10,503	F.Y. 20- 21	The Assistant Commissioner (ST (FAC) Appeal filed
GST	Tax	11,06,374	F.Y. 21- 22	The Assistant Commissioner (ST) (FAC) Appeal filed (10% of disputed tax amount Rs. 1,10,636 deposited)
GST	Interest	2,95,356	F.Y. 21- 22	The Assistant Commissioner (ST) (FAC)	NA
GST	Penalty	11,06,374	F.Y. 21- 22	The Assistan Commissioner (ST) (FAC)	NA
Total Rs		2,12,90,725

VIII. According to the information and explanations given to me, no transactions not recorded in the Books of Accounts have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).

IX. (a) Based on my audit procedures and according to the information and explanations given to me, I am of the opinion

that 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 a declared willful defaulter by any bank or financial institution or other lender.

(c) According to the information and explanations given to me, term loans were applied for the purpose for which the loans were obtained.

(d) According to the information and explanations given to me, no funds raised on short term basis have been utilized for long term purposes.

(e) According to the information and explanations given to me, 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(lX)(e) is not applicable.

(f) According to the information and explanations given to me, the Company has not raised any loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies. Accordingly, clause 3(IX)(f) is not applicable.

X. (a) The Company has not raised money by way of initial public offer or further public offer (including debt

instrument) during the year. Accordingly, clause 3(X)(a) of the Order is not applicable.

(b) The Company has not made any preferential allotment or private placement of shares or fully or partly or optionally convertible debentures during the year. Accordingly, clause 3(X)(b) of the Order is not applicable.

XI. (a) Based upon the audit procedures performed and according to the information and explanations given to me, no

fraud by the Company and no fraud on the Company by its officers or employees has been noticed or reported during the year.

(b) According to the information and explanations given to me, no report under sub-section (12) of Section 143 of the Companies Act has been filed by the auditors in Form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government.

(c) According to the information and explanations given to me, no whistle-blower complaints were received during the year by the Company.

XII. The Company is not a Nidhi Company. Accordingly, clause 3(XII)(a), 3(XII)(b) and 3(XII)(c) of the Order are not applicable.

XIII. Based upon the audit procedures performed and according to the information and explanations given to me, all transactions with related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the Financial Statements etc. as required by the applicable accounting standards.

XIV. According to the information and explanations given to me, the Company has no internal audit system. Accordingly, clause 3(XIV)(a), of the Order is not applicable.

XV. In my opinion and according to the information and explanations given to me, the Company has not entered into any non-cash transactions with directors or persons connected with him.

XVI. (a) In my Opinion and based on my examination, the Company is not required to be registered under section 45-IA

of the Reserve Bank of India Act, 1934 (2 of 1934). Accordingly, clause 3(XVI)(a) of the Order is not applicable.

(b) In my Opinion and based on my examination, the Company has not conducted any Non-Banking Financial or Housing Finance activities without a valid Certificate of Registration (CoR) from the Reserve Bank of India as per the Reserve Bank of India Act, 1934. Accordingly, clause 3(XVI)(b) of the Order is not applicable.

(c) In my Opinion and based on my examination, the Company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India. Accordingly, clause 3(XVl)(c) of the Order is not applicable.

(d) According to the information and explanations given by the management, the Group does not have any CIC as part of the Group.

XVII. According to the information and explanations given to me, the Company has not incurred cash losses in the financial year and in the immediately preceding financial year.

XVIII. There has not been any resignation of Statutory Auditors during the year. Hence, provisions of clause 3(XVI1I) of the Order is not applicable.

XIX. According to the information and explanations given to me and on the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements, my knowledge of the Board of Directors and management plans and based on my examination of the evidence supporting the assumptions, nothing has come to my attention, which causes me to believe that any material uncertainty exists as on the date of the audit report indicating that Company is incapable 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. I, however, state that this is not an assurance as to the future viability of the Company. I further state that my reporting is based on the facts up to the date of the audit report and I 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. The provisions of Section 135 towards Corporate Social Responsibility are not applicable to the Company. Accordingly, clauses 3(XX)(a) and 3(XX)(b) of the Order are not applicable.

XXI. This report is being in respect of Standalone Financial Statements. Hence, provisions of clause 3(xxi) of the Order are not applicable.

	For Mehta Doshi & Associates
	Chartered Accountants
	FRN: 106209W
	UDIN - 25016077BMICZT2614
	(Ashok S. Mehta)
Place : Mumbai	Proprietor
Date : July 15,2025	M. No. 016077

ANNEXURE "B" TO THE INDEPENDENT AUDITORS REPORT

(REFERRED TO IN PARAGRAPH 2(f) UNDER REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS OF MY REPORT OF EVEN DATE)

Report on the Internal Financial Controls over financial reporting under clause (i) of sub section 3 of section 143 of the Companies Act, 2013 ("the Act")

1 have audited the internal financial controls over financial reporting of Qualiance International Private Limited ("the Company") as of 31st March 2025 in conjunction with my 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 of Audit of internal financial controls over financial reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors Responsibility

My responsibility is to express an opinion on the Companys Internal Financial Controls over financial lepoiting based on my audit. I have conducted my audit in accordance with the guidance Note on Audit of the internal financial controls over the financial reporting (the "Guidance Note") issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under section 143(10) of the Companies Act 2013, to the extent applicable to an audit of internal financial control. Those standards and the Guidance Note require that l comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial control over financial reporting was established and maintained and such control operated effectively in all material respect.

My audit involves performing procedures to obtain audit evidence about the adequacy of the Internal Financial Controls system over financial reporting and their operating effectiveness. My audit of Internal Financial Controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that 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 judgment, including the assessment of risk of material misstatement of the financial statement whether due to fraud or error.

1 believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my 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 purpose in accordance with generally accepted accounting principles. A Companys internal financial control over financial repoi ting includes those policies and procedures that

(1) Pertain to the maintenance of the record that, in reasonable details, accurately and fairly reflect the transactions and disposition of the assets of the Company;

(2) Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statement in accordance with generally accepted accounting principles, and that receipt and expenditure of the Company are being made only in accordance with authorization of the management and directors of the Company; and

(3) Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, oi 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 improper management; override of controls, material misstatements due to error or fraud may occur and not to be detected. Also, projection of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that 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.

In my opinion, to the best of my information and according to the explanations given to me, the Company has, in all material respect, an adequate Internal Financial Controls system over Financial Reporting and such internal financial controls over financial reporting were operating effectively as at 31st March 2025, based on the internal control over financial lepoiting criteria established by the Company considering the essential components of internal control slated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

Opinion

In my opinion, to the best of my information and according to the explanations given to me, the Company has, in all material respect, an adequate Internal Financial Controls system over Financial Reporting and such internal financial controls over financial reporting were operating effectively as at 31st March 2025, based on the internal control over financial lepoiting criteria established by the Company considering the essential components of internal control slated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

	For Mehta Doshi & Associates
	Chartered Accountants
	FRN: 106209W
	UDIN - 25016077BMICZT2614
	(Ashok S. Mehta)
Place : Mumbai	Proprietor
Date : July 15,2025	M. No. 016077