Sai Capital Ltd Auditor Reports

To,

The Members of
Sai Capital Limited

REPORT ON THE AUDIT OF ANNUAL STANDALONE FINANCIAL STATEMENTS
Opinion

We have audited the Standalone Financial statements of Sai Capital Limited (hereinafter referred to as
"the Company"] which comprise the Standalone Balance Sheet as at 31 March 2025, and the Standalone
Statement of Profit and Loss (including other comprehensive income), Standalone 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 accounting
principles generally accepted in India, of the state of affairs of the Company as at 31 March 2025, and its
profit/loss and other comprehensive loss, 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.

Material Uncertainty Related to Going Concern

We draw attention to note no. 17 (VII) "Going Concern" under Notes to account in the standalone
financial statements, wherein it is mentioned that the company has accumulated losses of Rs. 696.79
Lakhs (previous year ended 31^st March 2024 of Rs. 627.15 Lakhs) net current liabilities of Rs. 5.50 Lakhs
(previous year ended 31^st March 2024 of Rs. 5.53 Lakhs). These conditions indicate the existence of
material uncertainty that may cast significant doubt about the Companys ability to continue as a going
concern. However as a result of the mitigating factors elaborated in the aforesaid note i.e. business
strategies & operating plans of the Company, management believes that it will be able to pay its
obligations as they fall due & continue as a going concern. Accordingly management has prepared these
standalone financial statements on going concern basis & consequently, no adjustments have been made
to the carrying values of the assets & liabilities in the attached standalone financial statements.

Our opinion is not modified in respect of this matter.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgement, were of most significance in
our audit of the 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.

Reporting of Key audit matters as per SA 701, Key audit matters are applicable to the company as it is a
listed company.

Other Information

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 Companys 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 will 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 Companys 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.

Management 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 other comprehensive income, changes in equity
and cash flows of the Company in accordance with the accounting principles generally accepted in India,
including the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act. 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 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, the 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 intends to liquidate the Company or to cease operations, or has no realistic alternative
but to do so. The Board of Directors is also responsible for overseeing the Companys financial reporting
process.

Auditors Responsibilities for the Audit of the 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 the Management and Board of Directors.

• Conclude on the appropriateness of the Management 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.

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 (including other
comprehensive income), the Standalone 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 financial statements comply with the Ind AS specified
under Section 133 of the Act.

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 with reference to standalone
financial statements of the Company and the operating effectiveness of such controls, refer to our
separate Report in "Annexure B".

(B) 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 no 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, 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 to or on behalf of the Ultimate Beneficiaries.

(ii] The management has represented, that, to the best of its knowledge and belief, 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 Party or

• provide any guarantee, security or the like from or on behalf of the Ultimate Beneficiaries;
and

(iii] Based on such audit procedures as 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 (d) (i) and (d) (ii) contain any material mis-statement.

e. The Company has not declared any dividend during the current financial year.

f. The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is applicable
from 1^st April 2023. During the financial year Company has migrated from Tally ERP software to
tally prime Edit Log software although first migration date is not in log book of the software.
Based on our examination which includes tests checks, the company has used Tally Prime Edit Log
accounting software which has a feature of recording audit trail (edit log facility) and the same
has operated from its migration date for all relevant transactions recorded in the software.
Further during the course of audit, we did not come across any instance of audit trail feature
being tempered with.

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 which came into effect from 1
April, 2024 and in accordance with the requirements of Rule 11(g) of the Companies (Audit and
Auditors) Rule, 2014 We report that, based on our audit procedures and the information and
explanations provided to us, the Company has duly maintained and preserved the audit trail, as
per the applicable statutory requirements for record retention.

(C) 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 Nil. 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 ON THE STANDALONE FINANCIAL
STATEMENTS OF SAI CAPITAL LIMITED FOR THE YEAR ENDED 31 MARCH 2025

(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements section of our
report of even date]

(i) (A)(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 does not have any value of Property, plant and
equipment & accordingly clause 3(i) (a)(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 does not have any value of Intangible assets & accordingly
clause 3(i) (a) (B) 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 is not having Property, plant and equipment & accordingly
clause 3(i) (b) of the Order is not applicable.

(C) According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the company is not having title deeds of immovable properties (other
than immovable properties where the Company is the lessee and the lease agreements are duly
executed in favour of the lessee) & accordingly clause 3(i) (c) of the Order is not applicable.

(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. Accordingly, clause
3(i)(d) of the Order is not applicable.

(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. Accordingly clause 3(i)(e) of the Order is not applicable.

(ii) (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 does not have any value of inventory & accordingly clause
3(ii) (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 taken any working capital limits in excess of five
crore rupees, in aggregate, from banks on the basis of security of current assets. Accordingly, clause
3(ii) (b) of the Order is not applicable.

(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 not made investments, provided guarantee or security or
granted any loans or advances in the nature of loans, secured or unsecured, to companies, firms,
limited liability partnerships or any other parties during the year. Accordingly, clause 3 (iii) (a to f) of
the Order is not applicable.

(iv) According to the information and explanations given to us and on the basis of our examination of the
records, the Company has not given any loans, or provided any guarantee or security as specified
under Section 185 of the Companies Act, 2013 and the Company has not provided any guarantee or
security as specified under Section 186 of the Companies Act, 2013.

(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 Companies Act, 2013 for the
products manufactured by it (and/or 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 Sales tax, Service tax, Duty of excise and Value
added tax during the year since effective 1 July 2017, these statutory dues has been subsumed into
GST. According to the information and explanations given to us and on the basis of our examination
of the records of the Company, amounts deducted/ accrued in the books of account in respect of
undisputed statutory dues including Goods and Services Tax (GST), Provident fund, Employees
State Insurance, Income-tax, Duty of Customs, Cess and other material statutory dues have generally
been regularly deposited with the appropriate authorities. According to the information and
explanations given to us, no undisputed amounts payable in respect of GST, Provident fund,
Employees State Insurance, Income-tax, Duty of Customs, Cess and other material statutory dues
were in arrears as at 31 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 us, there are no dues pending on account
of disputed dues of GST, Provident fund, Employees State Insurance, Income-tax, Sales tax, Service
tax, Duty of Customs, Value added tax, Cess or other statutory dues which have not been deposited by
the Company.

(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 have loans or borrowings from lender which are repayable
on demand. There is no repayment of the loan or borrowing done during the year. Accordingly,
clause 3(ix)(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 been declared a wilful defaulter by any bank or
financial institution or government or government authority.

(c) According to the information and explanations given to us by the management, the Company has
not obtained any term loans. Accordingly, clause 3(ix)(c) of the Order is not applicable.

(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 have been raised on short-term basis by the
Company. Accordingly, clause 3(ix) (d) of the Order is not applicable.

(e) According to the information and explanations given to us and on an overall examination of the
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 under the
Companies Act, 2013. 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)(a) The Company has not raised any moneys 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 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 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 sub-section (12) of
Section 143 of the Companies Act, 2013 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 us by the management, no whistle-blower
complaints had been received by the company.

(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 Sections 177 and 188 of the Companies Act, 2013, where
applicable, and the details of the related party transactions have been disclosed in the standalone
financial statements as required by the applicable Indian 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 of the Company issued till date 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 Companies Act, 2013 are not applicable to the Company.

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

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

(c) The Company is not a Core Investment Company (CIC) as defined in the regulations made by the
Reserve Bank of India. Accordingly, clause 3(xvi)(c) of the Order is not applicable.

(d) According to the information and explanations provided to us during the course of audit, the
Group does not have any CIC. Accordingly, the requirements of clause 3(xvi)(d) are not applicable.

(xvii) The Company has incurred cash losses Rs. 69.63 Lacs in the current year and Rs. 63.52 Lacs in the
immediately preceding financial year.

(xviii) There has been no resignation of the statutory auditor during the year.

(xix) According to the information and explanations given to us and on the basis of the financial ratios,
ageing and expected dates of realisation of financial assets and payment of financial liabilities, other
information accompanying the financial statements, auditors knowledge of the Board of Directors
and management plans and based on our examination of the evidence supporting the assumptions,
we believe that material uncertainty exists as on the date of the audit report. However as a result of
business strategies & operating plans of the Company, management believes that it will be able to
pay its obligations as they fall due & continue as a going concern. 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) Based on our examination, the provision of section 135 is not applicable on the company. Accordingly
reporting under paragraph 3(xx) (a) & (b) of the Order is not applicable for the year.

(xxi) The Company is required to prepare consolidated financial statements.

Annexure B to the Independent Auditors Report on the standalone financial statements of Sai
Capital Limited for the year ended 31 March 2025

Report on the internal financial controls with reference to the aforesaid standalone financial
statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013

(Referred to in paragraph 2(A) (f) under ‘Report on Other Legal and Regulatory Requirements section
of our report of even date)

Opinion

We have audited the internal financial controls with reference to standalone financial statements of Sai
Capital Limited ("the Company") as of 31 March 2025 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, adequate internal financial controls with
reference to standalone financial statements and such internal financial controls were operating
effectively as at 31 March 2025, based on the internal financial controls with reference to standalone
financial statements 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 (the "Guidance Note").

Managements and Board of Directors Responsibilities for Internal Financial Controls

The Companys Management and the Board of Directors are responsible for establishing and
maintaining internal financial controls with reference to standalone financial statements based on the
criteria established by the Company considering the essential components of internal control stated in
the Guidance Note. These responsibilities include the design, implementation and maintenance of
adequate internal financial controls that were operating effectively for ensuring the orderly and efficient
conduct of its business, including adherence to the Companys policies, the safeguarding of its assets, the
prevention and detection of frauds and errors, the accuracy and completeness of the accounting records,
and the timely preparation of reliable financial information, as required under the Act.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls with reference
to standalone financial statements based on our audit. We conducted our audit in accordance with the
Guidance Note and the Standards on Auditing, prescribed under Section 143(10) of the Act, to the extent
applicable to an audit of internal financial controls with reference to standalone financial statements.
Those Standards and the Guidance Note require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether adequate internal financial controls
with reference to standalone financial statements were established and maintained and whether 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 with reference to standalone financial statements and their operating effectiveness.
Our audit of internal financial controls with reference to standalone financial statements included
obtaining an understanding of such internal financial controls, 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 standalone 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 with reference to standalone financial
statements.

Meaning of Internal Financial Controls with Reference to Standalone Financial Statements

A companys internal financial controls with reference to standalone financial statements is a process
designed to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of standalone financial statements for external purposes in accordance with generally
accepted accounting principles. A companys internal financial controls with reference to standalone
financial statements include those policies and procedures that

1. Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company;

2. Provide reasonable assurance that transactions are recorded as necessary to permit preparation of
standalone financial statements in accordance with generally accepted accounting principles, and
that receipts and expenditures of the company are being made only in accordance with
authorisations of management and directors of the company; and

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

Inherent Limitations of Internal Financial Controls with Reference to Standalone Financial
Statements

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

For Mehrotra & Co.

Chartered Accountants

FRN: 000720C

 

R. K. Agrawal

(Partner)

Membership No. : 401863

 

Place: New Delhi

Date : 29th May, 2025

UDIN : 25401863BMJMVI7085