Shree Nidhi Trading Company Ltd Auditor Reports

To,

The Members of

Sliree Nidhi Trading & Co. Ltd

Report on the Audit of the Financial Statements Opini?n

We have audited the financial statements of SHREE NIDHI TRADING & CO. LTD ("the Company"), which comprise the Balance Sheet as at 31 st March, 2023 and the Statcment of Proflt and Loss, for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information.

In our opini?n 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 accounting principies generally accepted in India, of the State of affairs of the Company as at 3I^M March 2023, and its LOSS,, for the year ended on that date.

Basis for Opini?n

We eonducted our audit in accordance with the Standards on Auditing (SAs) spccitied under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the "Auditor s Responsibilities for the Audit of the Financial Statements" section of our report. We are ?ndepcndent 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 there under, 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 opini?n.

Responsibilities of Management and Those Cliarged 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, and cash tlows of the Company in accordance with the accounting principies generally accepted in India, including the Accounting Standards specified under section 133 of the Act. This responsibility also ineludes 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 delecting 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 truc and fair view and are lree from material misstatement, whether duc to fraud or error.

In preparing the financial statements, the Board of Directors is responsible for assessing the Companys ability to continu? 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 liqu?date the Company or to cease operations, or has no realistic altemative but to do so.

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

Auditor? Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are ftee ffom material misstatement, whether due to fraud or error, and to issue an auditors report that ineludes our opini?n. 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 considerad material if₅ individually or in the aggragate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs, 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 opini?n. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may ?nvolve collusion, forgery, intent?onal omissions, misrepresentations, or the override ofintemal control.

• Obtain an understanding of intemal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances.

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

• Conclude on the appropriateness of managemenfs 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 continu? 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 opini?n. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, futura events or conditions may cause the Company to cease to continu? as a going concern.

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

We communicate with thosc charged vvith governance rcgarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficicncics 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 appl?cable, related safeguards.

Report on Other Legal and Regulatory Requirements

1. As requircd by the Companies (Auditors Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of sub-scction (11) of section 143 of the Companies Act, 2013, we give in the Annexure-A, a statement on the matters spccified in paragraphs 3 and 4 of the Order, to the extent appl ?cable.

2 As requircd 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 opini?n, 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 and the Statement of Profit and Loss, dealt with by this Report are in agreement with the books of account

d) In our opini?n, the aforesaid financia! statements comply with the Accounting Standards 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, 2023 taken on record by the Board of Directors, none of the directors is disqualified as on 3 Ist March. 2023 from being appointed as a director in terms of Section 164(2) of the Act.

t) With respect to the adequacy of the ?nternal financial Controls over financia! reporting of the Company and the operaling effectiveness of sucli Controls, refer to our sep?rate Report in "Annexure B".

g) With rcspect to the other mattcrs to be included ?n the Auditors Report in accordance with Rule 11 of the Companies (Audit and Audilors) Rules, 2014. as amended, in our opini?n and to the best of our information and aceording to the explanations given to us:

i) The financial statcments disclose the impaet of pending litigations on the financial position of the Company in accordance with the generally accepted accounting practice.

ii) The Company did not have any long-term eontraets 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.

For Arun Jain & Associates

Chartered Accountants

FRN : 325867E

(CA Arun Kumar Jain)

Proprietor

Mcnibcrship No : 053693

UD1N: 23053693BGWVRO7860

Place: Kolkata

Dated : 30,h May,2023

Annexure- A

ANNEXURE - A referred to in paragraph 1 under the section, ‘Report on Other Legal and Regulatory Rcquircments of our report of even date:

On the basis of sucli checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that:

(i) (a) (A) The Company does not have any fixed assets and henee nothing is required to be reported thereon.

(B) The Company does not have any intangible assets and henee nothing is required to be reported thereon.

(C) According to the information and explanation given to us, no proceedings have been initiated or are pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder during the year.

(ii) The company has not been sanctioned any working capital limits from banks or financial institutions.

(?ii) The companies has not provided any guarantee or security or granted any loans and advances, secured or unsecured to companies, firms, Limited Liability partnerships or other partios.

(a) To the best of our information, ?n our opini?n, the investments made are not prejudicial to the companys ?nterest.

(b) Clause iiic, iiid, iiie and iiif is not applicable to the company.

(?v) In our opini?n and according to the information and explanations provided to us, all mandatory provisions of section 185 and 186 of the Companies Act, 2013 in respect of loans, investments. guarantees, and security have been complied with.

(v) The Company has not accepted any deposits from the public and henee the directives issued by the Reserve Bank of India and the provisions ofSections 73 to 76 or any other relevant provisions of the Act and the Companies (Acceptance of Deposit) Rules, 2015 with regard to the deposits accepted from the public are not applicable.

(vi) To the best of our knowledge and belief, the Central Government has not specified maintenance of cost records under sub-section (1) of Section 148 of the Aet, in respect of Companys Services. Accordingly, the provisions of clause 3(v?) of the Order are not applicable.

(vii) a) According to the information and explanations given to us and records examined by us, the company is depositing with appropriate authorities undisputed statutory dues including provident fund, investors education and protection fund, einployees¹ State insurance, income tax, sales tax, wealth tax, Service tax, custom duty, excise duty, cess, Goods & Service Tax and any other statutory dues with the appropriate authorities.

b) There are no dues ?n respect of Goods and Services Tax, provident fund, employees State insurance, income - tax, sales tax, Service tax, duty of customs, duty of excise, valu? added tax, cess and any other statutory dues that have not been deposited with the appropriate autbor?ties on account of any dispute.

No transactions have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

(viii) The Company has borrowings, including debt securities during the year and has complied to the relevant provisions of the Act.

(ix) (a) The Company has not raised moneys by way of initial public offer or further public offer (including debt Instruments) during the year.

(b) According to the Information and explanation given to us, the Company has not made any preferential allotment or pr?vate placement of shares or convertible debentures (fully, partially or optionally convertible) during the year.

(x) (a) According to the information and explanations given to us, any fraud by the company or any fraud on the company has not been noticed or reported during the year;

(b) According to the information and explanation given to us, no report under sub-section (12) of section 143 of the Companies Act has been f?led 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, no whistle blower complaints, received during the year by the company.

(xi) The Paragraph 3(x?i) of the order is not applicable since the Company is not a Nidhi Company.

(xii) According to the information and explanations given by the management, transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the notes to the financial statements, as required by the applicable accounting standards.

(xiii) According to the information and explanations given to us, the company has no intemal audit system.

(xiv) According to the information Based upon the audit procedures performed and the information and explanations given by the management, the company has not entered into any non-cash transactions with directors or persons connected with him as referred to in section 192 of Companies Act, 2013.

(xv) a) The Company is required to and has been registered under Section 45-1A of the Reserve Bank of India Act, 1934,

b) the company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India, according the provisions of clause 3 (xvi) of the Order are not applicable.

(xvi) According to the information and explanations given to us and based on the audit procedures constructed we are of opini?n that the company has not incurred cash losses during the financial year.

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

(xvlli) According to the information and explanations given to us and based on our examinaron of financial ratios disclosed in the financial statements, ageing and ejef?SEE??Hafe of realization of

financia! assets and payment of liabilitics, other information accompanying the standalone financial statements, our knowlcdgc of the l?oard of Directors and management plans, we are of the opini?n that no material uncertainty exists as on the date of audit repon and the Company is capable of meeting its liabilities existing al the date of balance sheet as and when thcy fall due within a pcriod of one year from the balance sheet date.

(xix) The provisions of Section 135 tovvards corporate social responsibility are not applicable on ihe company. Accordingly, the provisions of clause 3 (xx) of the order is not applicable.

(xvii) This being standalone fmancial statements of the company clause (xxi) of the order is not applicable.

For Arun Jain & Associates

Chartercd Accountants

FRN: 325867E

(CA Arun Kumar Jain)

Proprietor

Membership No : 053693

UDIN:- 23053693BGWVRO7860

Place : Kolkata

Dated : 30,h May, 2023

ANNEXURE B TO THE INDEPENDENT AUDITORS REPORT

Report on the Infernal Financial Controls under ( lause (i) of Sub-section 3 of Section 143 of tlie Compa??es Act, 2013 ("the Act")

In conjunction vvith our audit of the financia! statements of the Company as of and for the year ended 3 lst March, 2023, we havc audited the internal financial Controls over financial reporting of Shrcc Nidhi Trading & Co. Ltd (hcreinafter referred to as "the Company"), which is company incorporated ?n India, as of that dale.

ManagemenFs Responsibility for Infernal Financial Controls

The Companys Management is rcsponsible for establishing and maintaining internal financial Controls based on the internal control over financia! reporting criteria cstablished by the Company considcring the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting ?ssued by the Inslilute of Chartered Accountants of India (ICAI). These responsibilities inelude the design, implementation and maintcnance of adequate internal Financial Controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the respective 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 reliablc financial information, as required under the Compames Act, 2013.

Auditors Responsibility

Our responsibility is to express an opini?n on the internal financial Controls over financial reporting of the Company, based on our audit. We conducled 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 prescribed under section 143(10) of the Companies Act, 2013, to the extent applicablc 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 respeets.

Our audit involves performing proccdures to obtain audit evidence about the adequacy of the internal Financial Controls system over financial reporting and their operating effectivencss. Our audit of internal Financial Controls over financial reporting included obtaining an understanding of internal Financial Controls over linancial 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 proccdures selectcd 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 opini?n on the internal financial Controls system over Financial reporting with reference to theses financial statements.

Meaning of Interna! Financial Controls Over Financial Reporting with Refercncc to these Financial Statcmcnts

A companys ?nternal financial conlrol over financial reporting with reference to these financia! statements ?s a process designed to provide reasonable assurancc regarding the reliability of financial reporting and the preparation of financial statements for externa! purposes ?n accordancc with generally accepted accounting principies. A companys internal financial

control over flnancial reporting with reference to these financial statements ?ncludes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly refiect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as neccssary to permit preparation of financial statements in accordancc with generally accepted accounting principies, and that receipts and expenditures of the company are being made only in accordance with aulhorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely dctcction of unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

Inlicrcnt Liinitations of Internal Financial Controls Over Financial Reporting with Reference to these Financial Statements

Because of the ?nherent limitations of internal financial Controls over financial reporting with reference to these 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 over financial reporting with reference to these financial statements to future periods are subject to the risk that the internal financial control over financial reporting with reference to these financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteri?rate.

Opini?n

In our opini?n to the best of our information and according to the explanations given to us, has. in all material respeets, an adequate internal financial Controls system over financial reporting with reference to these financial statements and such internal financial Controls over financial reporting with reference to these financial statements were operating effectively as at 3 lst March, 2023. based on the ?nternal 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 Accountanls of India.

For Arun Jain & Associates

Chartered Accountants

FRN : 325867E

(CA Afttin Kumar Jain)

Proprietor

IMcmbership No: 053693

IJDIN: 23053693BGWVRO7860

Place: Kolkata

Dated : 30,h May, 2023