Shree Hanuman Sugar & Industries Ltd Auditor Reports

To the Members of SHREE HANUMAN SUGAR & INDUSTRIES LTD Reports on the Financial Statements Qualified Opinion

We have audited the accompanyingFinancial Statementsof "M/S. SHREE HANUMAN SUGAR & INDUSTRIES LTD" (the "Company"), which comprise of the Balance Sheet as at 31^st March, 2024, the related Statement of Profit and Loss(including Other Comprehensive Income), and the Cash Flow Statement for the year ended and the statement of changes in equity for the year then ended, and a summary of significant accounting policies and other explanatory information which we have signed under reference to this report.

In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matter described in the Basis for Qualified Opinion section of our report, the aforesaid Ind AS financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the Ind AS and accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024, and profit/loss, total comprehensive income, the changes in equity and its cash flows for the year ended on that date.

Basis for Qualified Opinion

a) TDS Compliance

Non Compliance of sections 192 and 194 of The Income Tax Act1961 with respect to TDS.The company has neither deducted tax nor provided liability or deposited to the credit of the Central Governmentupto Mar 2022.

b) Ind AS 19

Company has not complied with Ind AS 19 for accounting of Gratuity, Leave Liabilities and other retirement benefits towards employees in preparation of the financial statements. Although, liabilities agreed upon during one time settlement with Labour Union on 18.12.18 has been provided for.

c) Provision of Depreciation on its Fixed Assets:

The company has not provided for depreciation on Fixed Assets since 2014, including the period covered under this audit.

d) Interest Non provision

The company has not provided for interest expense onborrowingsand advances received from parties. The company has also not charged any interest on loans and advances given. This has also resulted in non compliance of Sec 73 to Sec 76 of Companies Act 2013.

e) Non confirmation of Balances

The balance of Borrowings, Loans and Advances, Other Current Assets; Trade Payables and Other Current Liabilites are taken as appearing in the books of accounts. In view of non-reconciliation/confirmation and also in view of pending dispute with some of the parties (as informed by the management),we are not in a position to comment on the correctness of the outstanding balances and resultant impact on the financial statements for the period under audit.

The resultant impact if any arising out of the above observations which may have consequential effect on the years profit/loss and net asset position of the company at the yearend has neither been ascertained nor provided for and operating results for the year are overstated and/or understated to the extent thereof.

f) Impairment of Fixed Assets

The Plant is inoperative since 2012-2013 and no physical verification of assets has taken place to assess the condition of the assets since. In absence of the same, we are unable to comment upon the need for impairment of assets on account of any permanent damage if any.

g) Contingencies, Commitments and Guarantees

Contingencies

List of legal matters as appearing in Contingent Liabilities Schedule in Financial Statements for the year ended March 31,2021when we had taken over the Statutory Audit has been considered complete with regard to all legal disputes of the company as of that date. We have been reviewing the status of those cases since and also the cases, if any, arisen during the audit period. Any other legal case if company is involved into, for past affairs, has not been brought to our information and we are unable to comment upon the consolidated legal position of the company.

Commitments

The list of commitments as appearing in the Financial Statements for the year ended March 31, 2021 has been considered complete as of that date and have only been subsequently reviewed for any changes. Any error or omission in that list has not been verified by us due to non-provision of any additional information by the management for earlier period.

No new commitments have been made by the company due to Nil operational activity.

Guarantees

The list of guarantees and its related charge information as given in the financial statement for the year ended March 31, 2021 has been considered to be complete as of that date. Any error or omission in that list has not been verified by us due to non-provision of any additional information by the management for earlier period.

h) Impairment of Stores & Spares

Management has done impairment on stores and spares in the year 2022-23 to the tune of Rs 45 lacs but we have not been provided any reasonable basis for doing the same except the board resolution. No valuation report for the remaining stores available has also not been provided

i) Write on and Write Off of liabilities and assets

Various payables have been written on and various receivables have been written off since the beginning of our audit period in 2021-2022 with management approvals. We have not been given reasonable information for doing the same. Only board resolution for the approval is provided.

j) Provision of expenses for earlier periods

Several provisions of expense and tax liabilities of prior period have been made since we took over the audit, but we are unable to comment upon the completeness or the sufficiency of the accruals. We are unable to comment if no other accruals will be made subsequently for earlier period.

k) Deferred Tax

No deferred Tax assets or liabilities are created by the company due to prolonged period of no operations.

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 Ind AS 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.

Material Uncertainty of Going Concern

The Company has ceased its operations from FY2012-13.Thereafter, the plant remained inoperative due to technical problems as well as gap between the cost of production and its realization. The company has incurred cash loss of Rs.12.36 lacs in current year as compared to Rs.30.44 Lacs for the previous year. The losses are very high on account of several write off of non recoverable advances, damaged inventory etc. We are hereby of the view that the financial statements for the current year should be prepared on Non-Going Concern Basis.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgement, were of most significance in our audit of the Ind AS financial statements of the current period. These matters were addressed in the context of our audit of the Ind AS financial statements as a whole, and informing our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

The company is engaged in two segments 1) Sugar & 2) Construction .The company has ceased its operations from FY2012-13.Thereafter, the plant remained inoperative due to technical problems as well as gap between the cost of production and its realization. The company has incurred cash loss of Rs.12.36 Lacs in current year as compared to Rs30.44Lacs for the previous year.

Information Other than the Financial Statements and Auditors Report Thereon

The Companys Board of Directors is responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis, Boards Report including Annexure to Boards Report, Business Responsibility Report, Corporate Governance and Shareholders Information, 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 in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and those charged with governance for the IndAS 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 Ind AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, change in equity and cash flows of the Company in accordance with the Indian Accounting Standards (Ind AS) and accounting principles generally accepted in India, specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. 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 implementation and maintenance of 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 Ind AS financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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

Those Board of Directors are also responsible for overseeing the companys financial reporting process.

Auditors Responsibilities for the Audit of Ind AS Financial Statement

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

AspartofanauditinaccordancewithSAs,weexerciseprofessionaljudgmentandmaintainprofessional skepticism throughoutthe audit.Wealso:

? Identify and assess the risks of material misstatement of the Ind AS 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 Ind AS 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 Ind AS financial statements, including the disclosures, and whether the Ind AS financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Ind AS 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 adverseconsequences 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 sub-section (11) of Section 143 of the Companies Act, 2013 we give in the AnnexureA, a statement on the matters specified in Paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Companies Act, 2013 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 appears from our examination of those books; c) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement 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 Ind AS financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act.

e) On the basis of written representations received from the directors , as on 31st March,2024, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2024 from being appointed as a director in terms of sub section (2) of Section 164 of the Companies Act, 2013; 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

"AnnexureB"; g) With respect to the other matters to be included in the Auditors Report in accordance with the requirements of section 197(16) of the Act as amended: h) In our opinion and to the best of our information and according to the explanation given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provision of Section 197 read with Schedule V of the Companies Act, 2013; and i) With respect to the other matters 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 knowledge and information and according to the explanation given to us:- i)We are unable to give an opinion on the consolidated legal position and contingent liability of the company in absence of appropriate information from management. Although, we confirm that any change in the legal position since Apr 1, 2022, of the litigations as mentioned in the contingent liability schedule as of Mar 31, 2021 has been disclosed and itsthe impact onthe financial position has been taken in its Ind AS 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 has been no delay in transferring amounts, 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 there presentations under sub-clause (i) and (ii) of Rule11(e), as provided under(a) and (b) above, contain any material misstatement.

(v). Based on our examination, which included test checks, the Company has used accounting software for maintaining its books of account for the financial year ended March 31, 2024 which has a feature of recording audit trial (edit log) facility but the same wasnot operational throughout the year. It was activated only from December 14, 2023

For B D S & Co.

Chartered Accountants

Firm Registration No. 326264E

(Bharat D Sarawgee) Partner Membership No.: 061505

Place: Kolkata Date:24/05/2024

UDIN: 24061505BJZYBR7310

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. SHREE HANUMAN SUGAR & INDUSTRIES LTD ("the Company") as of 31 March 2024 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 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 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 (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 authorizations of management and directors of the company; and (3) 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, 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.

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 31st March 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.

ForB D S & Co.

Chartered Accountants

Firm Registration No. 326264E

(Bharat D Sarawgee) Partner Membership No.: 061505

Place: Kolkata Date: 24/05/2024

UDIN: 24061505BJZYBR7310

Annexure - A to the Auditors Report of Shree Hanuman Sugar Limited

ADDITIONAL INFORMATION ANNEXED TO THE INDEPENDENT AUDITORS

REPORT

As required by the Companies (Auditors Report) Order, 2020, issued by the Company Law Board in terms of section 143(11) of the Companies Act, 2013, and on the basis of such checks as we considered appropriate and as per the information and explanations given to us during the course of audit, we further state that:

i.(a) In respect of the Companys Property, Plant and Equipment and Intangible Assets:

- The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment

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

(b) The Company has not conducted physical verification of Property, Plant and Equipment in the current year, which, in our opinion, is unreasonable having regard to the size of the Company and the nature of its assets.

(c) Property tax receipts or any agreement or registered sale deed / transfer deed/ conveyance deed with respect to any land and building were not provided to us to comment on the title in respect of the immovable properties disclosed in the financial statements under Property, Plant and Equipment as held in the name of the Company as at the balance sheet date.

(d) The Company has not revalued any of its Property, Plant and Equipment and intangible assets during the year.

(e) 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 (as amended in 2016) and rules made thereunder.

(ii) In respect of the Companys Inventory:

(a)The inventory has not been physically verified during the year by the management. There is no manufacturing activity in the plant during the current reporting period. In our opinion, it is unreasonable, going by the nature of inventory.

(b)The Company has not been sanctioned working capital limits in excess of 5 crore, in aggregate, at any points of time during the year, from banks or financial institutions on the basis of security of current assets and hence reporting under clause 3(ii)(b) of the Order is not applicable.

(iii) The Company has not made any investments in, companies and firms, and had not granted unsecured loans or advances in the nature of loans or stood guarantee, or provided security to any other entity, during the year, and hence reporting under clause 3(iii) of the Order is not applicable.

(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, with respect to the loans and investments made.

(v) In our opinion and according to the information and explanations given to us, the Company has accepted following advances for supply for goods and services which are outstanding for more than 365 days as at the balance sheet and the company has not complied with the provisions of Section 73 to 76 of the Companies

Act2013.

Particular	As at 31-03-24	As at 31-03-23
Advance Against Sale Of Land	7,45,92,135	7,45,92,135
Advance Against Sale Of Scrap	31,50,000	31,50,000
Advancefor Sale of 5th & 6th Fl.Pretoria St.	1,00,00,000	1,00,00,000

To the best of our knowledge and according to the information and explanation given to us no order has been passed by NCLT or RBI or any other Court or Tribunal in the above matter

(vi)Maintenance of cost records as prescribed by the Central Government under sub section (1) of section 148 of the Companies Act, 2013 are not maintained due to non operation of the Plant since 2012-13

(vii) (a) The Company is not regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Value AddedTax, Goods and Service Tax, Cess and any other statutory dues applicable to it with the appropriate authorities. Undisputed outstanding amounts payable in respect of aforesaid duesoutstanding as at 31st March, 2024 for a period of more than six months from the date they became payable are the following:

Name of the Statute	As at 31.03.24	As at 31.03.223
Gratuity	561.05	561.05
Provident Fund	290.49	290.49
Dividend Distribution Tax	9.44	9.44
Purchase Tax	5.67	5.67
Zonal Development Council	2.95	2.95
Excise Duty	14.99	14.99
Municipal Taxes	10.00	10.00
TDS on Director Sitting Fees	0.06	0.06
TDS on Legal Fees	0.09	0.09
TDS on Salary	7.21	7.21
TDS on Service Charge	3.02	3.02

(b) According to the information and explanations given to us, and on the basis of our examination there are no material disputed dues on account of Sales Tax, Service Tax, Custom Duty, Excise duty, Value Added Tax, Goods and Service Tax and any other statutory dues that have not been deposited with appropriate authorities on account of any dispute except for the below:

Nature of Dispute Pending in Income Tax	Asst Year	As at 31.03.24	As at 31.03.23
Adjustment against refund of 98-99 of Rs 10 lacs- FBT	2009-10	2.48	2.48
Adjustment against refund of 98-99 of Rs 10 lacs-IT	2009-10	7.02	7.02
Rectification pending u/s 154	2010-11	153.81	153.81
Appeal pending- 271(1)(C)	2012-13	215.49	215.49
Appeal pending- 271(1)(C)	2013-14	1265.89	1265.89
Appeal pending u/s 147 rws 144	2015-16	446.33	446.33
Appeal pending u/s 147	2017-18	477.07	477.07
Appeal pending u/s 272A (1)(d)	2017-18	0.10
Appeal pending u/s 270A	2017-18	3.70
Appeal pending u/s 271AAC(1)	2017-18	15.23
Appeal pending u/s 271F	2017-18	0.05
		2587.17	2568.09

(viii) There were no transactions relating to previously unrecorded income that 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) In our opinion and as per information and explanations given to us, the Company has not defaulted in repayment of Loans and borrowings or in the payment of interest thereon on any dues to financial institution, bank, government. But company has defaulted in payment of principal and interest thereon for all the loans from related parties and other body corporate as appearing in financial statements.

(b) In our opinion and as per information and explanations given to us the company is not declared wilful defaulter by any bank or financial institution or other lender

(c)In our opinion and as per information and explanations given to us no term loans were taken during the current year.

(d)In our opinion and as per information and explanations given to us the funds raised on short term basis have not been utilised for long term purposes.

(e)The company does not have any subsidiary or associates or joint ventures hence, the provisions of clause 3

(ix)(e) and (f) of the Companies (Auditors Report) Order, 2020 are not applicable to the Company.

(x)(a) The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) during the year and hence reporting under clause 3(x)(a) of the Order is not applicable.

(b) During the year, the Company has not made any preferential allotment or private placement of shares or convertible debentures (fully or partly or optionally) and hence reporting under clause 3(x)(b) of the Order is not applicable.

(xi)(a) No fraud by the Company and no material fraud on the Company has been noticed or reported during the year.

(b) No report under sub-section (12) of section 143 of the Companies Act has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and upto the date of this report.

(c) No whistle blower complaints received by the Company during the year (and upto the date of this report), hence not applicable.

(xii) The Company is not a Nidhi Company and hence reporting under this of the Order is not applicable.

(xiii) In our opinion, the Company is in compliance with Section 177 and 188 of the Companies Act, 2013 with respect to applicable transactions with the related parties and the details of related party transactions have been disclosed in the standalone financial statements as required by the applicable accounting standards.

(xiv)(a) In our opinion based on our examination, the Company is required to have an Internal Audit System under section 138 of the Companies Act 2013 and it is being carried out

(xv) In our opinion during the year the Company has not entered into any non-cash transactions with its Directors or persons connected with its directors. and hence provisions of section 192 of the Companies Act, 2013 are not applicable to the Company.

(xvi)(a) In our opinion, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Hence, reporting under clause 3(xvi)(a), (b) and (c) of the Order is not applicable.

(b) In our opinion, there is no core investment company within the Group (as defined in the Core Investment Companies (Reserve Bank) Directions, 2016) and accordingly reporting under clause 3(xvi)(d) of the Order is not applicable.

(xvii)The Company has incurred cash losses of Rs 12.63 lacs during the financial year covered by our audit and Rs 30.44lacs in the immediately preceding financial year.

(xviii)There has been no resignation of the statutory auditors of the Company 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, we have observed that the company continued to be non-operational and no major development has happened over previous reporting period, there is no certainty that Company is capable of meeting its liabilities existing at the date of balance sheet We further state that our reporting is based on the facts up to the date of the audit report .

(xx)The Company is not eligible for any Corporate Social Responsibility undersection 135 of the Companies Act 2013 hence reporting under clause (xx) of the Order is not applicable.

(xxi)The Company does not have any Subsidiary or associate and Consolidated Audit report is not applicable hence reporting under clause (xxi) of the Order is not applicable

For B D S & Co.

Chartered Accountants

Firm Registration No. 326264E

(Bharat D Sarawgee) Partner Membership No.: 061505

Place: Kolkata Date: 24/05/2024

UDIN: 24061505BJZYBR7310