Real Growth Corporation Ltd Auditor Reports

To the Members of M/S REAL GROWTH CORPORATION LIMITED
Report on the Audit of the Standalone Financial Statements
Opinion

We have audited the standalone financial statements of M/S REAL GROWTH CORPORATION
LIMITED ("the Company"), which comprise the standalone balance sheet as at 31 March 2025, the
standalone statement of profit & Loss Account, , the Statement of Changes in Equity and standalone
statement of cash flows for the year then ended, and notes to the standalone financial statements,
including a summary of the significant accounting policies and other explanatory information
(hereinafter referred to as "the 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 Companies Act, 2013
(the "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 and its loss, total
comprehensive income, changes in equity 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 (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 Standalone 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 together with the ethical requirements that are relevant to our audit of the
standalone 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 the standalone 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 standalone financial statements as a whole, and in forming our opinion
thereon, and there is no other key matters except Note No. 6 to Financial Statements regarding Refund
receivable towards bookings in immovable property in the project under development by a group
company M/s Rajesh Projects (India) Pvt. Ltd. (Presently operating under the supervision of Interim
Resolution professional (IRP).

Information Other than the Financial Statements and Auditors Report Thereon.

The Companys management and Board of Directors are responsible for the other information. The
other information comprises the information included in the Companys annual report, but does not
include the financial statements and our auditors report thereon. The annual report is expected to be
made available to us after the date of this auditors report.

Our opinion on the standalone 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 identified above when it becomes available 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.

When we read the annual report, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to those charged with governance and take necessary actions, as
applicable under the relevant laws and regulations.

Managements and Board of Directors Responsibilities for the Standalone Financial Statements

The Companys management and Board of Directors are responsible for the matters stated in section
134(5) of the Act with respect to the preparation of these standalone financial statements that give a
true and fair view of the state of affairs, profit/loss 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, 2014. This
responsibility also includes maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting
frauds and other irregularities; selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and design, implementation and maintenance
of adequate internal financial controls that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and presentation of the standalone
financial statements that give a true and fair view and are free from material misstatement, whether due
to fraud or error.

In preparing the standalone financial statements, management and Board of Directors are responsible
for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless the Board of Directors
either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do
so.

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

Auditors Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone 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 standalone financial statements.

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

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

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible
for expressing our opinion on whether the company has adequate internal financial controls with
reference to standalone financial statements 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 and Board of Directors.

• Conclude on the appropriateness of managements and Board of Directors use of the going concern
basis of accounting in preparation of standalone financial statements 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 standalone 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 standalone financial statements,
including the disclosures, and whether the standalone financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant 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 standalone financial statements of the current period and
are therefore the key audit matters. We describe these matters in our auditors report unless law or
regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our report because the adverse consequences of
doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

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

2A. 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, Statement of Changes
in Equity and the standalone statement of cash flows dealt with by this Report are in agreement
with the books of account.

(d) In our opinion, the aforesaid standalone Ind AS Financial Statements comply with the Indian
Accounting Standards specified under section 133 of the Act, read with Rules 7 of the Companies
(Accounts) Rules, 2014.

(e) On the basis of the written representations received from the directors as on 31 March 2025,
taken on record by the Board of Directors, none of the directors is disqualified as on 31 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 over financial reporting of the
Company and the operating effectiveness of such controls, refer to our separate report in
"Annexure B"; and

2B. 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 has disclosed the impact of pending litigations as at 31 March 2025 on its financial
position in its standalone financial statements.

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

c) There has been no delay in transferring amounts 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, other than

as disclosed in financial statement, no funds have been advanced or loaned or invested
(either from borrowed funds or share premium or any other sources or kind of funds) by
the Company to or in any other persons or entities, including foreign entities
("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that
the Intermediary shall, directly or indirectly lend or invest in other persons or entities
identified in any manner whatsoever ("Ultimate Beneficiaries") by or on behalf of the
Company or provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries.

(ii) The Management has represented that, to the best of its knowledge and belief, as disclosed
in financial statement, no funds have been received by the Company from any persons or
entities, including foreign entities ("Funding Parties"), with the understanding, whether
recorded in writing or otherwise, that the Company shall directly or indirectly, lend or
invest in other persons or entities identified in any manner whatsoever ("Ultimate
Beneficiaries") by or on behalf of the Funding Parties or provide any guarantee, security
or the like on behalf of the Ultimate Beneficiaries.

(iii) Based on the audit procedures performed 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) contain any
material mis-statement.

e) The company did neither proposed/declared nor paid final dividend in the company annual
general meeting during the financial year 2024-25. If any dividend declared will be subject to
the approval of the members at the ensuing Annual General Meeting. The dividend so declared
will be in accordance with section 123 of the Act to the extent it applies to declaration of
dividend.

f) Based on our examination, which included test checks, the company has used accounting
software for maintaining its books of Account for the financial year March 31, 2025 which did
not have feature of recording audit trial (Edit log) Facility, accordingly we could not make any
comment on effective operation and tempered feature throughout the year.

2C. With respect to the matter to be included in the Auditors Report under section 197(16) of the
Act: 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. The remuneration paid to any director is not in excess
of the limits laid down under section 197 of the Act. The Ministry of Corporate Affairs has not
prescribed other details under section 197(16) of the Act which are required to be commented
upon by us.

Annexure A to the Independent Auditors Report

(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements section of our
report of even date) With reference to Annexure A referred to in the Independent Auditors Report to
the members of the Company on the standalone financial statements for the year ended 31 March 2025,
we report the following:

(i) (a) The Company has maintained requisite records of fixed assets, however as explained the fixed

assets register shall be updated and maintained properly such that all the necessary details
including their location are clearly indicated and 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 program of physical verification
of its property, plant and equipment by which all property, plant and equipment are verified
in a phased manner over a period of three years. In accordance with this program, 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, Immovable properties of the company as stock in trade and
title deed 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 and
equipment (including right of use assets) or intangible assets or both 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, there are no proceedings initiated or pending against the
Company for holding any benami property under the Prohibition of Benami Property
Transactions Act, 1988 and rules made thereunder.

(ii) (a) The inventory has been physically verified by the management during the year. In our opinion,

frequency of verification is reasonable.

(b) According to the information and explanations given to us and on the basis of our examination
of the records of the Company, there is no outstanding working capital limits in excess of five
crore rupees, in aggregate, from banks or financial institutions on the basis of the security of
current assets at any point of time during the year.

(c) On the basis of our examination of the inventory records. In our opinion, the company is
maintaining proper records of inventory. The material effect of discrepancy noticed on
physical verification as compared to books records is duly accounted for.

(iii) 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 provided guarantees or granted loans
and advances loans during the year to companies and other parties. Further there is Refund
Receivable against flats booked (Refer Note No. 6 to financial statement) to Group Company
which has been admitted under the provisions of Insolvency and Bankruptcy Code, 2016.

(iv) 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 complied with the provisions of section 185
and 186 of the Act.

(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.

(vi) According to the information and explanations given to us, the Central Government has not
prescribed the maintenance of cost records under Section 148(1) of the Act for the services
provided by it. Accordingly, clause 3(vi) of the Order is not applicable.

(vii) (a) The Company does not have liability in respect of Service tax, Duty of excise, Sales tax and

Value added tax during the year since effective 1 July 2017, these statutory dues has been
subsumed into Goods and Services Tax ("GST") According to the information and
explanations given to us and on the basis of our examination of the records of the Company,
in our opinion the company is not regular in depositing amounts deducted / accrued in the
books of account in respect of undisputed statutory dues including GST, Provident fund,
Employees State Insurance, Income-Tax, Duty of Customs, Cess and other statutory dues.;

According to the information and explanations given to us and on the basis of our examination
of the records of the Company, no undisputed amounts payable in respect of GST, Provident
fund, Employees State Insurance, Income-Tax, Duty of Customs, Cess and other statutory
dues were in arrears as at 31 March 2025 for a period of more than six months from the date
they became payable except details below.

Account Head	Amount (Rs.)
GST Payable	55,57,918/-
TDS Payable	30,75,000/-
Total	86,32,918/-

Taxes Rs. 29.47 Lacs has been reversed during the year.

(vii) (b) According to the information and explanations given to us and on the basis of our examination
of the records of the Company, there are no statutory dues relating to GST, Provident Fund,
Employees State Insurance, Income-Tax, Sales Tax, Service Tax, Duty of Customs, Value
Added Tax or Cess or other Statutory dues which have not been deposited on account of any
dispute, except details below.

S Liability	A.Y.	SECTION	TAX	Accrued Interest	Total
1 Income Tax	2002-03	143(3)	2,33,525	6,06,816	8,40,341
2 Income Tax	2005-06	143(3)		63,063	63,063
3 Income Tax	2006-07	143(3)	1,37,064	2,29,989	3,67,053
4 Income Tax	2012-13	147	40,54,140	19,05,427	59,59,567
5 Income Tax	2016-17	143(1)(a)	59,77,226	35,26,548	95,03,774
6 Income Tax	2017-18	143(1)(a)	77,00,440	44,66,232	1,21,66,672
7 Income Tax	2018-19	143(3)- Pending CIT Appeal	77,62,330	25,61,559	1,03,23,889
8 Income Tax	2019-20	143(1)(a)	16,81,890	6,05,448	22,87,338
9 Income Tax	2020-21	143(3)- Pending CIT Appeal	11,80,98,758	5,07,82,441	16,88,81,199
10 TDS	2023-24	Interest on Late Filing	51,020		51,020
11 TDS	2025-26	Interest on Late Filing	8,550		8,550
12 TDS	Prior Years	Interest on Late Filing	64,660		64,660
13 GST	2019-20	Sec-74, (Rectification filed)	1,78,14,002	1,99,51,682	3,77,65,684
14 GST	2017-18	Sec-73, (Rectification filed)	1,91,016	2,11,016	4,02,032
15 GST	2017-18	Sec-74, (Appeal Filled)		2,70,23,35,368	2,70,23,35,368
	TOTAL		16,37,74,621	2,78,72,45,589	2,95,10,20,210

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

(ix) (a) 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 settled full and final the loan obligations
from Punjab National Bank 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 by the
management, there is no term loan outstanding at the end of the year.

(d) According to the information and explanations given to us and on an overall examination of
the balance sheet of the Company, we report that no funds raised on short-term basis have
been used 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,
as defined in the Act. The Company does not hold any investment in any associate or joint
venture (as defined in the Act) during the year ended 31 March 2025.

(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 Act).

(x) (a) The Company has not raised any money by way of initial public offer or further public offer

(including debt instruments) Accordingly, clause 3(x)(a) of the Order is not applicable.

(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 made any preferential allotment or
private Placement of shares or fully or partly convertible debentures during the year.
Accordingly, clause 3(x)(b) of the 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
the Standards on Auditing, we report that no fraud by the Company or on the Company has
been noticed or reported during the audit.

(b) According to the information and explanations given to us, report under sub-section (12) of
Section 143 of the Act by the auditors in Form ADT-4 as prescribed under Rule 13 of
Companies (Audit and Auditors) Rules, 2014 with the Central Government is not applicable.

(c) We have taken into consideration the company did not receive any whistle blower complaints
during the year while determining the nature, timing and extent of our audit procedures.

(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 transactions
with related parties are in compliance with Section 177 and 188 of the Act, where applicable,
and the details of the 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 reviewed internal audit reports of the Company for the period under audit.

(xv) In our opinion and according to the information and explanations given to us, the Company
has not entered into any non-cash transactions with its directors or persons connected to its
directors and hence, provisions of Section 192 of the Act are not applicable to the Company.

(xvi) The Company is not required to be registered under Section 45-IA of the Reserve Bank of
India Act, 1934. Accordingly, clauses 3(xvi)(a) to (d) of the Order is not applicable.

(xvii) The Company has not incurred cash losses in the current financial year (Previous Year Cash
Loss incurred Rs.131.70 Lacs).

(xviii) There has been no resignation of the statutory auditors during the year. Accordingly, clause
3(xviii) of the Order is not applicable.

(xix) According to the information and explanations given to us 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 standalone 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) In our opinion and according to the information and explanations given to us, there is no
unspent amount under sub-section (5) of section 135 of the Act pursuant to any project.
Accordingly, clauses 3(xx)(a) and 3(xx)(b) of the Order are not applicable.

ANNEXURE - B TO THE 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")

We have audited the internal financial controls over financial reporting of M/s REAL GROWTH
CORPORATION LIMITED ("the Company") as of 31 March 2025 in conjunction with our audit of
the Ind AS Financial Statements of the Company for the year ended on that date.

MANAGEMENTS RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Companys management is responsible for establishing and maintaining internal financial controls
based on the internal control over financial reporting criteria established by the Company considering
the essential components of internal control stated in the Guidance Note on Audit of Internal Financial
Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (‘ICAI).
These responsibilities include the design, implementation and maintenance of adequate internal
financial controls that were operating effectively for ensuring the orderly and efficient conduct of its
business, including adherence to companys policies, the safeguarding of its assets, the prevention and
detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely
preparation of reliable financial information, as required under the Companies Act, 2013.

AUDITORS RESPONSIBILITY

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

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

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

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

A companys internal 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
pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; 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 authorizations of management and directors of the company; and provide

reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or
disposition of the companys assets that could have a material effect on the financial statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL
REPORTING

Because of the inherent limitations of internal financial controls over financial reporting, including the
possibility of collusion or improper management override of controls, material misstatements due to
error or fraud may occur and not be detected. Also, proj ections of any evaluation of the internal financial
controls over financial reporting to future periods are subj ect to the risk that the internal financial control
over financial reporting may become inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.

OPINION

In our opinion, 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 31 March 2025, 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.

FOR A D GUPTA AND ASSOCIATES CHARTERED ACCOUNTANTS

(Firm Registration No. 018763N)

 

(Amit Kumar Gupta)

PARTNER (M.No.500134)

Place: Greater Noida

Dated: 26.05.2025

UDIN: 25500134BMIBRN3367