Shri Bholanath Carpets Ltd Auditor Reports

TO THE MEMBERS OF SHRI BHOLANATH CARPETS LIMITED

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying (Standalone) financial statements of SHRI BHOLANATH CARPETS LIMITED, which comprise the Balance Sheet as at March 31, 2025 and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

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 (‘Act’) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025 and its profits or Loss for the year ended on that date.

Basis for opinion

We have conducted our audit in accordance with the standards on auditing specified 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 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 Act and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the code of ethics.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below our description of how our audit addressed the matter is provided in that context.

A. Revenue Recognition

The accounting policies of the company for revenue recognition are set out in the Financial Statement. The auditors of company have reported revenue recognition as a key audit matter due to the high volume of the transactions, high degree of manufacturing process, labour involvement and considering that accounting involve exercise of judgments and estimates, thereby affecting occurrence and accuracy assertions in respect of revenue recognition. The company is engaged in manufacturing , export and trading carpets on a principal basis and recognizes full value of consideration on transfer of control of traded goods to the customers which most of the time coincides with collection of cash or cash equivalent.

Auditors Response

Our audit procedures included and were not limited to the following:

Obtained and read the financial statements of the company to identify whether the revenue recognition policies are followed in the financial statement of the company.

We performed audit the following procedures as under:- i. involvement of IT environment and testing of the IT environment inter-alia for access controls and change management controls over company’s billing and other relevant support systems. ii. evaluation and testing of the design and operating effectiveness of the relevant business process controls, inter-alia controls over the capture, measurement and authorization of revenue transactions and involvement of IT specialists for testing the automated controls therein. iii. Evaluation of substantive testing involved, testing collections, testing the reconciliation between revenue per the billing system and the financial records and testing supporting documentation for manual journal entries posted in revenue to ensure veracity thereof. iv. Validation of the judgements and estimates exercised by the management regarding the application of revenue recognition accounting standard.

O.P. TULSYAN & CO. Continuation Sheet 2. Inventory

The auditors Company have reported existence of inventory as a key audit matter due to involvement of high risk and high volumes .

Auditors Response

Our audit procedures included and were not limited to the following:

We performed inquiry of the audit procedures performed by them to address the key audit matter. As reported to us by the subsidiary auditor, the following procedures have been performed by them:- i. Evaluation of the design and testing of the implementation of internal controls relating to physical inventory counts on a test basis; ii. Performance of test of controls over verification of documentary evidences of controls including the calculation of consumption of raw material in relation to manufacturing prosess and its loss occurred during manufacturing . iii. Performance of test of details through sample selection of stores as part of the inventory verification program, including verification of inventory with documentary evidence and verification of shrinkage and moisture gain or loss.

3. Litigation matters

The company has certain significant open legal proceedings with the Income tax , continuing from earlier years, which are as under:

Due to complexity involved in these litigation matters, management’s judgement regarding recognition and measurement of provisions for these legal proceedings is inherently uncertain and might change over time as the outcomes of the legal cases are determined. Accordingly, it has been considered as a key audit matter Auditors Response Our audit procedures included and were not limited to the following: i. Assessing management’s position and judgement through discussions (where considered necessary) on legal precedence and other ruling in evaluating managements position on these uncertain tax positions and the probability of success in the aforesaid cases, and the magnitude of any potential loss. ii. Discussion with the management on the development in these litigations during the year ended March 31, 2025. Review of the disclosures made in the financial statements in this regard. iii. Obtained representation letter from the management on the assessment of these matters.

Information other than the financial statements and auditors’ report thereon

The Company’s board of directors is responsible for the preparation of the other information. The other information comprises the information included in the Board’s Report including Annexures to Board’s Report, Business Responsibility Report but does not include the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance and 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 standalone financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

Based on the work we have performed, we conclude that there is no material misstatement in this other information and conclued that we have nothing to report in this regard.

Information other than the financial statements and auditors’ report thereon

The Company’s board of directors is responsible for the preparation of the other information. The other information comprises the information included in the Board’s Report including Annexures to Board’s Report, Business

Responsibility Report but does not include the financial statements and our auditor’s report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance and 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 standalone financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. Based on the work we have performed, we conclude that there is no material misstatement in this other information and conclued that we have nothing to report in this regard.

O.P. TULSYAN & CO. Continuation Sheet

MANAGEMENT’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company’s 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 (Standalone) financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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 Company’s 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 Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

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 auditor’s 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.

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 and Board of Directors.

Conclude on the appropriateness of management and Board of Directors’s 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 Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s 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 auditor’s 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. 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 financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Cont..4

As required by the Companies (Auditor’s Report) Order, 2020 (the "Order") issued by the CentralGovernment 1 in terms of Section 143(11) of the Act, we give in "Annexure A" a statement on thematters specified in paragraphs 3 and 4 of the Order.

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

We have sought and obtained all the information and explanations which to the best of our knowledge (a) and belief were necessary for the purposes of our audit; In our opinion, proper books of account as required by law have been kept by the Company so far as (b) appears from our examination of those books subject to reference given of audit report under Point No. 2(g)(6). The Balance Sheet and the Statement of Profit and Loss dealt with by this Report are in agreement with (c) the books of account. In our opinion, the aforesaid (Standalone) financial statements comply with the Accounting Standards (d) specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. On the basis of written representations received from the directors as on 31 March, 2024, taken on (e) record by the Board of Directors, none of the directors is disqualified as on 31 March, 2024, from being appointed as a director in terms of Section 164(2) of the Act. With respect to the adequacy of the internal financial controls with reference to standalonefinancial statements of the Company and the operating effectiveness of such controls, refer toour separate Report (f) in "Annexure B". Our report expresses an unmodified opinion on theadequacy and operating effectiveness of the Company’s internal financial controls withreference to standalone financial statements. With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of (g) 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: The Company has not deposited self assessment tax of the past precedings two assessment year 1) inculding the current assessment year and also have some of the pending litigations which would not impact its financial position as such which is mentioned below:-

Name of the S.No Statute	Nature of Dues	Gross Amount	Paid Under Protest	Period	Sectio n	Forum Where the Dispute is Pending
1 Income Tax	Income Tax	27,98,068.00	-	2009-10	154	CIT(Appeals)
2 Income Tax	Income Tax	2,30,316.00	-	2021-22	143(1a)	ITO
3 Income Tax	Income Tax	3,301.00	-	2015-16	250	CIT(Appeals)
4 Income Tax	Income Tax	64,270.00	-	2017-18	143(3)	CIT(Appeals)
5 Income Tax	Income Tax	14,57,638.00		2013-14	143(3)	CIT(Appeals)
6 Income Tax	Income Tax	4,76,050.00		2019-20	143(1a)	ITO
7 Income Tax	Income Tax	1,57,852.00		2018-19	143(3)	CIT(Appeals)
8 Income Tax	Income Tax	8,24,960.00		2012-13	154	CIT(Appeals)
9 Income Tax	Income Tax	9,18,323.00		2020-21	154
10 Income Tax	Income Tax	2,34,734.00		2021-22	143(1)
11 Income Tax	Income Tax	6,257.00		2022-23	143(1)

* Inculding Interest and Refund Adjusted by the Departement.

The Company did not have any long-term contracts including derivative contracts for which there were 2) any material foreseeable losses. There were no amounts which were required to be transferred to the Investor Education and Protection 3) Fund by the Company. (a) The Management has represented that, to the best of its knowledge and belief, details of funds in Note No. 13 (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

4) 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.

5) The Company has neither declared dividend nor distributed dividend during the year.

Based on our examination, which included test checks, the Company has used accounting softwares for 6) maintaining its books of account for the financial year ended March 31, 2024,Which did not have audit trail feature.

	For O.P. TULSYAN & CO.
	CHARTERED ACCOUNTANTS
	FRN 500028N
PLACE: VARANASI
Date: 30.08.2025	sd/-
UDIN:-	(S.N.GARG)
	(PARTNER)
	M.No. 052740

 

Clause Particulars	Remarks	Additional Remarks
Whether the company is maintaining proper records showing	Yes these records are properly
3(i)(a)(A) full particulars, including quantitative details and situation of	maintened
Property, Plant and Equipment
Whether the company is maintaining proper records showing	Yes these records are properly
3(i)(a)(B)
full particulars of intangible assets	maintened
Whether these Property, Plant and Equipment have been	Yes as explained to us
physically verified by the management at reasonable intervals.	Management has Carried out
	such physical verification
3(i)(b)
Whether any material discrepancies were noticed on such	No such disprepencies where
verification and if so, whether the same have been properly	found
dealt with in the books of account
Whether the title deeds pertaining to the immovable	Yes
properties (except properties which are leased by the
company with duly executed lease agreements in the
company’s favour) disclosed in the financial statements are
held in the name of the company.
If the title deeds are not held in the name of the company,
3(i)(c) the below details should be provided:
Description of a property
Gross carrying value
Held in the name of Whether promoter, director or their
relative or employee
Period held
Reason for not being held in the name of company*
Whether a revaluation has been done by the company of its	No Revaluation has been Done
property, plant and equipment (including the right of use
assets) or intangible assets or both during the year and, if so,
whether the revaluation is based on the valuation by a
3(i)(d) Registered Valuer.
In case of a change in values upon revaluation, specify the	Not Applicable
amount of change, if the change is 10% or more in the
aggregate of the net carrying value of each class of property,
plant and equipment or intangible assets.
Whether any proceedings have been initiated or are pending	No such preceeding are
against the company for holding any benami property under	pending against the company
3(i)(e) the Benami Transactions (Prohibition) Act, 1988 (45 of
1988) and rules made thereunder.If yes, whether the company
has appropriately disclosed the details in its financial
Whether the management has carried out physical verification	Yes physical verification has
of inventory at reasonable intervals.	been carried out at reasonable
Whether, in the opinion of the auditor, the coverage and	Yes the coverage and
procedure of such verification by the management is	procedures adopted were
3(ii)(a)
appropriate	appropiate
If any discrepancies of 10% or more in the aggregate for each	No such discrepencies were
class of inventory were noticed and if so, whether they have	noticed during the verification
been properly dealt with in the books of accounts.
Whether during any point of time of the year, the company has	No such limit exceeding Five
been sanctioned working capital limits in excess of five crore	crores was sanctioned during
rupees, in aggregate, from banks or financial institutions on	the year
the basis of security of current assets
3(ii)(b)
Whether the quarterly returns or statements filed by the	Not Applicable
company with such banks or financial institutions are in
agreement with the books of account of the Company, if
not, give details
Whether during the year the company has made investments	No
in, provided any guarantee or security or granted any loans or
3(iii) advances in the nature of loans, secured or unsecured, to
companies, firms, Limited Liability Partnerships or any other
parties
whether during the year the company has provided loans or	Not Applicable
provided advances in the nature of loans, or stood guarantee,
3(iii)(a)
or provided security to any other entity [not applicable to
companies whose principal business is to give loans]

 

With respect to subsidiaries, joint ventures and associates (if	No
provided)
The aggregate amount of loans, advances,guarantees and
3(iii)(a)(A)
security given during the year
The outstanding balance of loans, advances,guarantees and
security as on Balance Sheet date
With respect to other than subsidiaries, joint ventures and	No
associates (if provided)
The aggregate amount of loans, advances,guarantees and
3(iii)(a)(B)
security given during the year
The outstanding balance of loans, advances,guarantees and
security as on Balance Sheet date
Whether the investments made, guarantees provided, security	Not Applicable
given and the terms and conditions of the grant of all loans and
3(iii)(b)
advances in the nature of loans and guarantees provided are not
prejudicial to the company’s interest;
in respect of loans and advances in the nature of loans,	Yes repayments are received as
whether the schedule of repayment of principal and interest	per schedule
3(iii)(c)
has been stipulated and whether the repayments or receipts are
regular;
if the amount is overdue, state the total amount overdue for	No such amount were found to	However we are unable to
more than ninety days, and whether reasonable steps have been	be overdue for more than 90	comment on the same as
3(iii)(d)	Days	the management did
taken by the company for recovery of the principal and
		provide us repayment
interest;		schedule.
Whether any loan or advance in the nature of loan granted	No such arrangements were
which has fallen due during the year, has been renewed or	made during the year
extended or fresh loans granted to settle the overdues of
existing loans given to the same parties. [not applicable to
3(iii)(e) companies whose principal business is to give loans]
The aggregate amount of such dues renewed or extended or
settled by fresh loans
The percentage of (such aggregate amount) to (the total loans
or advances in the nature of loans granted during the year)
whether the company has granted any loans or advances in the	No such arrangements were
nature of loans either repayable on demand or without	made during the year
specifying any terms or period of repayment.
The aggregate amount of such loans
3(iii)(f) The percentage of (such aggregate amount) to (the total loans
or advances granted)
Aggregate amount of loans granted to Promoters, related
parties as defined in clause (76) of section 2 of the
Companies Act, 2013
In respect of loan, investment, guarantees and security	Yes conditions has been
whether provision of Sections 185 and 186 of the Companies	complied with
3(iv)
Act, 2013 has been complied with. If not, provide the details
thereof.
In respect of deposits accepted by the company or amounts	Not Applicable
which are deemed to be deposits, whether the directives
issued by the Reserve Bank of India and the provisions of
sections 73 to 76 or any other relevant provisions of the
Companies Act and the rules made thereunder, where
3(v) applicable, have been complied with, if not, the nature of such
contraventions be stated
If an order has been passed by Company Law Board or	Not Applicable
National Company Law Tribunal or Reserve Bank of India or
any court or any other tribunal, whether the same has been
complied with or not

 

If Central Government has specified maintenance of cost	Not Applicable
3(vi) records under sec 148 (1) of Companies Act, 2013 whether
such accounts and records have been made and maintained.
Whether the company is regular in depositing undisputed	The details of udisputed
statutory dues including Goods and Services Tax, provident	statutory outstanding for more
fund, employees’ state insurance, income-tax, sales-tax,	than six months are as
service tax, duty of customs, duty of excise, value added tax,	mentioned here
3(vii)(a) cess and any other statutory dues to the appropriate authorities
and if not, the extent of the arrears of outstanding statutory
dues as on the last day of the financial year concerned for a
period of more than six months from the date they became
payable, shall be indicated
Sl.No Name of the Statute Nature of Dues Gross Amount	Period Section	Forum
1 Income Tax Act1961 Income Tax 2,11,117.00	2021-22 143(1a)	ITO
2 Income Tax Act1961 Income Tax 75,560.00	2019-20 143(1a)	ITO
3 Income Tax Act1961 Income Tax 3,08,670.00	2020-21 143(1a)	ITO
where statutory dues referred to in sub-clause (a) have not	The details of such matters are
been deposited on account of any dispute, then the amounts	as mentioned here
3(vii)(b) involved and the forum where dispute is pending shall be
mentioned (a mere representation to the concerned
Department shall not be treated as a dispute)

 

Sl.No Name of the Statuture Nature of Dues Gross Amount	Period	Section	Forum
1 Income Tax Act1961 Income Tax 73,323.00	2008-09	143(1a)	ITO
2 Income Tax Act1961 Income Tax 1,50,000.00	2012-13	143(3)	CIT(Appeals)
3 Income Tax Act1961 Income Tax 83,630.00	2016-17	154	CIT(Appeals)
4 Income Tax Act1961 Income Tax 22,230.00	2010-11	143(1a)	ITO
5 Income Tax Act1961 Income Tax 7,29,393.00	2009-10	143(3)	CIT(Appeals)
6 Income Tax Act1961 Income Tax 47,540.00	2011-12	143(1a)	ITO
7 Income Tax Act1961 Income Tax 1,34,380.00	2014-15	154	CIT(Appeals)

 

Whether any transactions not recorded in the books of	Not Applicable as no such
account have been surrendered or disclosed as income during	income is present
the year in the tax assessments under the Income Tax Act,
3(viii)
1961 (43 of 1961), if so, whether the previously unrecorded
income has been properly recorded in the books of account
during the year
Whether the company has defaulted in repayment of loans or	No Defaults are made in
other borrowings or in the payment of interest thereon to any	repayments
lender, if yes, the period and the amount of default to be
reported as below
3(ix)(a) Description of borrowing includes debt securities
Name of lender
Amount unpaid on the due date
Whether interest or principal
Number of days of delay or unpaid
3(ix)(b) Has the company been declared a wilful defaulter by any bank	No
or financial institution or any other lender.
3(ix)(c) Whether term loans were applied for the purpose for which	Yes the loans are properly	During the year the
the loans were obtained; if not, the amount of loan so diverted	utilized	company has granted a
and the purpose for which it is used may be reported		3.20 Cr. Term Loan From
		Canara Bank which was
		utilised by the
		Management proprely.
3(ix)(d) Whether funds raised on short term basis have been utilised	No Short Term Loans were
for long term purposes, if yes, the nature and amount to be	utilized for Long Term
indicated	Purposes
3(ix)(e) Whether the company has taken any funds from any entity or	Not Applicable
person on account of or to meet the obligations of its
subsidiaries, associates or joint ventures, if so, details thereof
with nature of such transactions and the amount in each case.
Whether the company has raised loans during the year on the	Not Applicable
pledge of securities held in its subsidiaries, joint ventures or
3(ix)(f) associate companies, if so, give details thereof
Whether the company has defaulted in repayment of such	Not Applicable
loans raised
3(x)(a) Whether moneys raised by way of initial public offer or	Not Applicable as no such
further public offer (including debt Instruments) during the	funds were raised during the
year were applied for the purposes for which those are raised,	Year
if not, the details together with delays or default and
subsequent rectification, if any, as may be applicable, be
reported
Whether the company has made any preferential allotment or	No Such Placement were made
private placement of shares or convertible debentures (fully,	by the Company during the
partially or optionally convertible) during the year and if so,	Financial Year
3(x)(b) whether the requirements of section 42 and section 62 of the	Yes the conditions are
Companies Act, 2013 have been complied with	complied with
Whether the funds raised, have been used for the purposes	Not Applicable
they were raised and the non-compliance, if any

 

3(xi)(a)		Whether any fraud by the company or any fraud on the	No Frauds were reported by the
		company has been noticed or reported during the year, if yes,	Company During the Year
		the nature and the amount involved is to be indicated;
3(xi)(b)		Whether any report under sub-section (12) of section 143 of	Not Applicable
		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;
3(xi)(c)		Whether the auditor has considered whistle-blower	No Such Compliants was
		complaints, if any, received during the year by the company;	Recevied by us.
3(xii)(a)		Whether the Nidhi Company has complied with the Net	Not Applicable
		Owned Funds to Deposits in the ratio of 1: 20 to meet out the
		liability;
3(xii)(b)		Whether the Nidhi Company is maintaining ten per cent.	Not Applicable
		unencumbered term deposits as specified in the Nidhi Rules,
		2014 to meet out the liability;
3(xii)(c)		Whether there has been any default in payment of interest on	Not Applicable
		deposits or repayment thereof for any period and if so, the
		details thereof;
3(xiii)		Whether all transactions with the related parties are in	Yes
		compliance with sections 177 and 188 of Companies Act
		where applicable and the details have been disclosed in the
		financial statements, etc., as required by the applicable
		accounting standards;
3(xiv))(a)		Whether the company has an internal audit system	Not Applicable
		commensurate with the size and nature of its business;
3(xiv))(b)		Whether the reports of the Internal Auditors for the period	Not Applicable
		under audit were considered by the statutory auditor;
3(xv)		Whether the company has entered into any non-cash	No the Company has not
		transactions with directors or persons connected with him and	entered any such transaction
		if so, whether the provisions of section 192 of Companies Act	with the director during the
		have been complied with;	year.
		Whether the company is required to be registered under	Not Applicable
		section 45-IA of the Reserve Bank of India Act, 1934 (2 of
		1934) and if so, whether the registration has been obtained;
3(xvi)(b)		Whether the company has conducted any Non-Banking	No
		Financial or Housing Finance activities without a valid
		Certificate of Registration (CoR) from the Reserve Bank of
		India as per the Reserve Bank of India Act, 1934;
3(xvi)(c)		Whether the company is a Core Investment Company (CIC) as	Not Applicable
		defined in the regulations made by the Reserve Bank of India,
		if so, whether it continues to fulfil the criteria of a CIC, and in
		case the company is an Exempted or unregistered CIC,
		whether it continues to fulfil such criteria;
3(xvi)(d)		Whether the Group has more than one CIC as part of the	Not Applicable
		Group, if yes, indicate the number of CICs which are part of
		the Group;
3(xvii)		Whether the company has incurred cash losses in the financial	No Loss has been incurred by
		year and in the immediately preceding financial year, if so,	the company during this year.
		state the amount of cash losses;
3(xviii)	Whether there has been any resignation of the statutory		No
	auditors during the year, if so, whether the auditor has taken
	into consideration the issues, objections or concerns raised
	by the outgoing auditors;
3(xix)	On the basis of the financial ratios, ageing and expected dates		No any Material Uncertanity
	of realisation of financial assets and payment of financial		exists as on date of the Audit
	liabilities, other information accompanying the financial		Report.
	statements, the auditor’s knowledge of the Board of Directors
	and management plans, whether the auditor is of the opinion
	that no material uncertainty exists as on the date of the audit
	report that company is 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;
3(xx)(a)	Whether, in respect of other than ongoing projects, the		Not Applicable
	company has transferred unspent amount to a Fund specified
	in Schedule VII to the Companies Act within a period of six
	months of the expiry of the financial year in compliance with
	second proviso to sub-section (5) of section 135 of the said
	Act;
3(xx)(b)	whether any amount remaining unspent under sub-section (5)		Not Applicable
	of section 135 of the Companies Act, pursuant to any ongoing
	project, has been transferred to special account in compliance
	with the provision of sub-section (6) of section 135 of the
	said Act;
3(xxi)	Whether there have been any qualifications or adverse		As the company does no have
	remarks by the respective auditors in the Companies		subsidiary, Joint Venture hence
	(Auditors Report) Order (CARO) reports of the companies		is not required to prepare
	included in the consolidated financial statements, if yes,		consolidate financial
	indicate the details of the companies and the paragraph		statements. Accordingly clause
	numbers of the CARO report containing the qualifications or		3(xxi) is not applicable on the
	adverse remarks.		company.

 

FOR O.P TULSYAN & CO.
CHARTERED ACCOUNTANTS
FRN 500028N
sd/-
(S.N.GARG)	PLACE: VARANASI
(PARTNER)	Date: 30.08.2025
M.No. 052740