Shekhawati Poly-Yarn Ltd Auditor Reports

To the Members of Shekhawati Poly-Yarn Limited.

Report on the Audit of the Ind AS Financial Statements
Opinion

We have audited the Ind AS financial statements of Shekhawati Poly-Yarn Limited ("the Company"), which comprise
the balance sheet as at 31^st March 2024, and the statement of Profit and Loss (Including Other Comprehensive
Income), statement of cash flows and statement of changes in equity for theyearended 31^st March 2024, and notes
to the financial statements, including a summary of material accounting policies and other explanatory information
(herein referred to as "financial statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
financial statements give the information required by the Companies Act, 2013 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 31^st March 2024, and Profit
(Financial performance including other comprehensive income), its cash flows and changes in equity for the year
ended 31^st March 2024.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10)
of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditors
Responsibilities for the Audit of the 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 financial statements under the provisions of the Companies
Act, 2013 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 we have obtained is sufficient and
appropriate to provide a basis for our opinion.

Information Other than the Financial Statements and Auditors Report Thereon

The Companys Board of Directors is responsible for the other information. The other information comprises the
information includedBoards Report including Annexures to Boards Report,but does not include the financial
statements and our auditors report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and,
in doing so, consider whether the other information is materially inconsistent with the financial statements or our
knowledge obtained during the course of our audit or otherwise appears to be materially misstated. If, based on
the work we have performed, we conclude that there is a material misstatement of this other information, we are
required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the 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 including other comprehensive income, cash flows and changes in equity

of the Company in accordance with the Ind AS and accounting principles generally accepted in India, including
the 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 of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and presentation of the financial statements
that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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

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

Auditors Responsibilities for the Audit of the Financial Statements

1. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial statements.

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

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

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances.Under section 143(3)(i) of the Companies Act, 2013, we are also
responsible for expressing our opinion on whether the company has adequate internal financial controls
system in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.

• Conclude on the appropriateness of managements use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions
that may cast significant doubt on the Companys ability to continue as a going concern. If we conclude
that a material uncertainty exists, we are required to draw attention in our auditors report to the related
disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditors report. However,
future events or conditions may cause the Company to cease to continue as a going concern. ^•

• Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.

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

3. 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.

4. 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.

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 sub-section (11) of section 143 of the Companies Act, 2013, we give in the Annexure "A"
a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

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

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 Balance Sheet, the Statement of Profit and Loss (including other comprehensive income), the Statement
of Cash Flows and the Statement of Changes in Equity dealt with by this Report are in agreement with the
books of account;

d. In our opinion, the aforesaid financial statements comply with the Ind AS specified under Section 133 of
the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e. On the basis of the written representations received from the directors as on 31^st March, 2024 taken on
record by the Board of Directors, none of the directors is disqualified as on 31^st March, 2024 from being
appointed as a director in terms of Section 164 (2) of the Act.

f. With respect to adequacy of the internal financial control over financial reporting of the company and the
operating effectiveness of such controls refer our separate report in Annexure "B" and

g. 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:

i. The Company have disclosed the impact pending litigations on its financial position in its financial
statements -Refer note 42 for financial statements.

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

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

iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds (which are material
either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed
funds or share premium or any other sources or kind of funds) by the Company to or in any other person
or entity, including foreign entity ("Intermediaries"), with the understanding, whether recorded in writing
or otherwise, that the Intermediary shall, 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, no funds (which are
material either individually or in the aggregate) have been received by the Company from any person or
entity, including foreign entity ("Funding Parties"), with the understanding, whether recorded in writing or
otherwise, that the Company shall, 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;

(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances,
nothing has come to our notice that has caused us to believe that the representations under sub-clause (i)
and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement

(v) Based on our examination, which include test checks, the company has used accounting software for
maintaining its books of accounts for the Financial year ended March 31, 2024 which have the feature of
recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transaction
recorded in softwares.Further during our audit we did not come across any instances of the audit trail feature
being tampered with.

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April 1, 2023, reporting
under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per the
statutory requirements for record retention is not applicable for the financial year ended March 31, 2024

vi) 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 limit 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

3 Since The Company has not declared / paid any dividend during the year, Section 123 of the Act is not
applicable.

For Ajay Shobha & Co.

Chartered Accountants

Firm Registration No. 317031E

Sd/-

Ajay Kumar Gupta

Partner

Membership No. 53071

UDIN : 24053071BKCCTE7531

Date : 07.05.2024

Annexure "A" to Independent Auditors Report

Annexure referred to in Paragraph 1 of "Report on Other Legal and Regulatory Requirements" of our Independent
Auditors Report of even date to the members of Shekhawati Poly-yarn Limited ("the Company") on the Financial
Statements for the year ended 31^st March 2024.

As required by the Companies (Auditors Report) Order, 2020 and according to the information and explanations
given to us during the audit and on the basis of such checks of the books and records as were considered
appropriate we report that:

i) a) A) The company has maintained proper records showing full particulars including quantitative details

and situation of its Property, Plant and equipment.

B) The Company has maintained proper records showing full particulars of intangible assets.

b) Property, plant and equipment have been physically verified by the management in accordance with a
phased programme of verification, which in our opinion is reasonable, considering the size of the Company
and the nature of its assets. In pursuant to the programme certain fixed assets have been physically
verified by the Company during the year. The frequency of verification is reasonable and no discrepancies
have been noticed on such physical verification.

c) According to the information and explanations given to us and on the basis of our examination of the records
of the Company, the title deeds of immovable properties (other than properties where the company is the
lessee and the lease agreements are duly executed in favour of the lessee) as disclosed in the financial
statements 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 records
of the Company the Company has not revalued its Property, Plant and Equipment or intangible assets or
both during the year.

e) According to information and explanations given to us, no proceedings have been initiated during the
year or are pending against the Company as at March 31, 2024 for holding any benami property under the
Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

ii) a) The inventories have been physically verified by the management during the year at reasonable intervals.

No material discrepancies were noticed on physical verification of inventories by the management.

b) As mentioned in note 24 to the financial statements, credit facilities of the company has been classified as
"Non-performing assets" (NPA) by its banks. Accordingly the Company has not filed any quarterly returns
or statements of current assets to the banks.

iii) (A) The Company has not granted loans or advances and guarantees or security to subsidiaries, joint ventures

and associates .

(B) The details of loans granted to parties other than subsidiary, joint ventures and associate are given below,
Further during the year the company has not provide advance in the nature of loans, or given guarantee,
or provided security to any other entity.

Particulars	Loan	Total
Aggregate amount granted during the year
Company	1,961.40	1,961.40
Limited liability partnership	10.00	10.00
Others	165.00	165.00
Balance outstanding as on 31st March, 24
Company	1,227.00	1,227.00
Others	165.00	165.00

b) During the year the terms and conditions of all loans granted to are not prejudicial to the companies
interest.

c) According to the information and explanations given to us and on the basis of our examination of the
records of the Company, in the case of loans given, in our opinion the repayment of principal and payment
of interest has been stipulated and the repayments or receipts have been regular.

d) 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 overdue amount for more than ninety days in respect of loans given.

e) According to the information and explanations given to us and on the basis of our examination No loan
granted by the Company which has fallen due during the year, has been renewed or extended or fresh
loans granted to settle the overdues of existing loans given to the same parties.

f) According to the information and explanations given to us and on the basis of our examination of the
records of the Company, during the year the Company has not granted any loans or advances in the
nature of loans either repayable on demand or without specifying any terms or period of repayment.

iv) In our opinion and according to the information and explanations given to us, the Company has complied with
the provisions of section 185 and 186 of the Act, in respect of loans, investments, guarantees and security
made.

v) The Company has not accepted any deposits from the public in accordance with the provisions of sections 73
to 76 of the Act and the rules framed there under

vi) The Central Government has prescribed the maintenance of cost record under Section 148(1) of the Act. We
have not reviewed the cost records maintained by the Company but based on the information submitted by the
Company we are of the view that such accounts and records have been made and duly maintained.

vii) a) Accordingly to the records of the Company, the undisputed statutory dues including Goods and Services

Tax, Provident Fund, Employees State Insurance, Income Tax, duty of Customs, duty of Excise, Value
Added Tax, Cess, and other statutory dues wherever applicable have regularly been deposited with the
appropriate authorities. There are no undisputed amount payable in respect of such statutory dues which
have remained outstanding as at 31^st March, 2024 for a period more than six months from the date they
became payable.

b) According to the information and explanations given to us, there are no statutory dues referred to in sub-
clause^) on account of any dispute with the relevant authorities except following:

Name of the statute	Nature of dues	Amount	Amount paid under protest	Period to which the amount relates	Forum where dispute is pending
The Income Tax Act, 1961	Income Tax	313.52	62.70	F.Y. 2015-16	CIT (Appeals)
		21.86	4.37	F.Y. 2013-14	ITAT

viii) As per information and explanation provided to us and procedures performed by us, there is no transactions
which are not recorded in the books of account 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 our audit procedure and as per the information and explanation given by the management, the

Company had defaulted in repayment of its dues to Banks. Accordingly during the financial year 2015-16,
the bank accounts of the company had been classified as "Non-Performing asset" (NPA) by State bank of
India, Union Bank of India and Axis Bank and during the financial year 2016-17 Allahabad bank (merged
with Indian Bank) and Dena bank (merged with Bank of Baroda) has also declared the company accounts
as NPA. All banks have assigned respective credit facilities to Asset Restructuring Company (‘ARC). In
respect of above loans the total principal outstanding is 18,969.48 Lakhs and Interest Outstanding is
1,132.21 lakhs. Also, during the year the company has not provided for interest of 1,837.98 lakhs
(PY 2,012.29 lakhs) ( 17,235.68 lakhs till March 31, 202415,397.70 lakhs till March 31, 2023) (Refer
Note 20). During the period the borrowings were settled by JM Financials assets reconstruction company
under one time settlement by sale of Property, Plant and equipment under SARFESI Act, 2002.

b) According to the information and explanations given to us, the Company has been declared wilful defaulter
by the some of the banks. However, the Company has made relevant representations to the banks in this
regard.

c) In our opinion and according to the information explanation provided to us, no money was raised by way
of term loans. Accordingly, the provision stated in paragraph 3(ix)(c) of the Order is not applicable to the
Company

d) On an overall examination of the Financial Statements of the Company, funds raised on short-term basis
have, prima facie, not been used during the year for long-term purposes by the Company.

e) As per information and explanation provided to us and procedures performed by us, 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.

f) According to information and explanations provided to us, the Company has not raised loans during the
year on the pledge of securities held in its subsidiaries, joint ventures or associate companies.

x) a) The Company has neither raised money by way of initial public offer or further public offer (including

debt instruments) during the year. Accordingly, paragraph 3 (x)(a) of the Order is not applicable to the
Company.

b) According to the information and explanations given to us and based on our examination of the records
of the Company, the Company has not made any preferential allotment or private placement of shares
or fully, partly or optionally convertible debentures during the year. Accordingly, the provisions stated in
paragraph 3 (x)(b) of the Order are not applicable to the Company.

xi) a) According to the information & explanations given to us, no fraud by the Company or on the Company by

its officers or employees has been noticed or reported during the course of our audit.

b) 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) As per information and explanations provided to us during the year the Company has not received any
whistle blower complaints

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

xiii) According to the information and explanation given to us and based on our examination of the records of the
Company, transactions with the related parties are in compliance with 188 of the Act, where applicable. The
details of such related party transactions have been disclosed in the financial statements as required under
Accounting Standard (AS) 18 ‘Related Party Disclosures" specified under section 133 of the Companies Act,
2013 read with Rule 7 of the Companies (Accounts) Rule, 2014. However Section 177 is not applicable to the
company.

xiv) a) In our opinion and based on our examination, the Company has an internal audit system commensurate

with the size and nature of its business.

b) We have considered internal audit reports issued by internal auditors during our audit.

xv) According to the information and explanation given to us and based on our examination of the records of
the Company, the Company has not entered into any non-cash transactions with the directors or persons
connected with him during the year under review. Accordingly, provisions of section 192 of Companies Act
under this clause is not applicable.

xvi) a) The Company is not required to be registered under section 45 IA of the Reserve Bank of India Act, 1934

and accordingly, the provisions stated in paragraph clause 3 (xvi)(a) of the Order is not applicable to the
Company.

b) The Company has not conducted any Non-Banking Financial or Housing Finance activities without any
valid Certificate of Registration from Reserve Bank of India. Hence, the reporting under paragraph clause
3 (xvi)(b) of the Order is not applicable to the Company

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

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 not incurred cash losses in the financial year but has incurred cash losses in the immediately

preceding financial year amounting to 1,199.85 lakhs .

xviii According to the information and explanation given to us and based on our examination of the records of the
Company there is no resignation of the statutory auditors has been taken during the year.

xix) 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 and our knowledge of the Board of
Directors and Management plans and based on our examination of the evidence supporting the assumptions,
nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the
date of the audit report indicating that Company is not capable of meeting its liabilities existing at the date of
balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however,
state that this is not an assurance as to the future viability of the Company. We further state that our reporting
is based on the facts up to the date of the audit report and we neither give 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) Section 135 of Companies Act, 2013 is not applicable to company. Hence reporting under clause 3(xx) of the
Order is not applicable.

xxi) According to the information and explanations given to us, the Company does not have any subsidiary /
Associate/ Joint Venture. Accordingly, there is no preparation of consolidated financial statements. Accordingly,
the provisions stated in paragraph clause 3 (xxi) of the Order are not applicable to the Company.

For Ajay Shobha & Co.

Chartered Accountants

Firm Registration No. 317031E

Sd/-

Ajay Kumar Gupta

Partner

Membership No. 53071

UDIN : 24053071BKCCTE7531

Date : 07.05.2024

Annexure "B" to the Independent Auditors Report of even date on the financial statements of Shekhawati

Poly- Yarn Limited for the year ended 31^st March 2024.

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 Shekhawati Poly- Yarn Limited ("the
Company") as of March 31, 2024 in conjunction with our 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 on 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

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting
based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial
Controls Over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and
deemed to be 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 judgement,
including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error.

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

Meaning of Internal Financial Controls Over Financial Reporting

A companys internal financial control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A companys internal financial control over financial
reporting includes those policies and procedures that (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 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 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, projections of any evaluation of the internal financial controls over financial reporting to future
periods are subject to the risk that the internal financial control over financial reporting may become inadequate
because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Qualified Opinion

According to the information and explanation given to us and based on our audit, the following material weakness
has been identified in the operating effectiveness of the Companys internal financial controls over financial reporting
as at 31^st March, 2024:

The documentation in respect of specific policies and procedures and the IT Controls pertaining to internal financial
controls over financial reporting are not adequate and needs to be further strengthened.

A "material weakness" is a deficiency, or a combination of deficiencies, in internal control over financial reporting,
such that there is a reasonable possibility that a material misstatement of the Companys annual or interim financial
statements will not be prevented or detected on a timely basis.

In our opinion, except for the possible effect of the material weakness described above on the achievement of
the objectives of the control Criteria , the Company has maintained , in all material respects, an adequate internal
financial controls system over financial reporting and such internal financial controls over financial reporting were
operating effectively as at March 31,2024, based on the internal control over financial reporting criteria established
by the Company considering the essential components of internal control stated in the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

We have considered the material weaknesses identified and reported above in determining the nature, timing and
audit tests applied in our audit of the financial statements of the Company and these material weaknesses above
does not affect our opinion on the financial statements of the Company.

For Ajay Shobha & Co.

Chartered Accountants

Firms Reg. No. 317031E

Sd/-

Ajay Kumar Gupta

Partner

Mem. No. 53071

UDIN : 24053071BKCCTE7531

Place : Mumbai

Date : 07.05.2024