Shriram Asset Management Co Ltd Auditor Reports

To

The Members of Shriram Asset Management Company Limited Report on the Financial Statements

Opinion

We have audited the accompanying financial Shriram Asset Management Company Limited statements ("the Company"), which comprise the Balance sheet as at March 31, 2024, the Statement of Profit and Loss (including

Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date, notes to the financial statement and a summary of material accounting policies and other explanatory information (hereinafter referred to as "the financial statements").

In our opinion and to the best of our information and according to the explanations given to us, these aforesaid financial statements give the information required by the Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards specified under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 as amended ("Ind AS"), and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024 and its loss and other comprehensive income, the changes in equity and its cash flows for the year ended on that date.

Basis of Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified

Act. 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 (the ‘ICAI) together with the ethical / independence requirements that are relevant to our audit of the financial statements under the provisions of the Act and Rules there under, and wehavefulfilledour other ethical responsibilities in accordance with these requirements and ICAIs Code of Ethics. We believe that the audit evidence we have obtained is sufficient opinion on the financial statements.

Key Audit Matters

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

Sr. No. Key Audit Matter	Auditors Response
1. Valuation of Investments in Mutual Fund Schemes	Our audit procedures, to assess the reasonableness of valuation of investments, inrcludes the following:
Since the Company is an Asset Management Company, it has investments in its own Mutual fund schemes as per SEBI (Mutual Funds), Regulation 1996 and also investment in other mutual fund schemes.	• Ensuring that the accounting policy as adopted by the Company for valuation of its investments is in accordance with the requirement of the relevant Ind AS.
As on the balance sheet date, investments are valued as per the requirements of Ind AS 109 – Financial Instruments.	Verification of the valuation of investments as carried out by the Company is in accordance with the requirement of Ind AS 109 Financial Instruments, where in investments are carried at fair value through profit and loss.
Investments comprise of the most significant asset in the Companys financial statements.	Verification of the relevant observable and unobservable inputs if any used in the valuation of investments as per requirement of Ind AS 113 Fair Value Measurement such as Net Asset Value (NAV) of the Mutual fund schemes as declared on the reporting date.
In view of significance of investments of the Company as specified above, we consider investment valuation to be a significant key audit matter.	• We have reviewed the disclosures related to investments in the financial statements as required by the relevant Ind AS.

Information Other than the Financial Statements and Auditors Report Thereon

The Companys Board of Directors is responsible for the preparation of 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 identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

When we read other information, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance and describe actions applicable in the applicable laws and regulations. We have nothing to report in this regard.

Managements Responsibilities for the Financial Statements

The Companys Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these financial statements that give a true and fair view of the Financial Position, financial performance, total comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. 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 judgements and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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

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

Auditors Responsibility for the Audit of 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 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 consider material if, individually or in the aggregate, they could reasonably be expected to influencethe 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 ofmaterialmisstatementofthefinancialstatements, whether due to fraud or error, design and perform audit procedures responsive to those risks, obtain audit evidence that is 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 internalfinancialcontrols relevant to the audit in order to design audit procedures that are appropriate in the circumstances Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Companyhasadequateinternalfinancialcontrols 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 the Board of Directors.

• Conclude on the appropriateness of the 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 financialstatements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern.

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

Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financialstatements 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

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 auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements i As required by the Companies (Auditors Report) Order, 2020 ("the order") issued by the Central Government in terms of Section 143 (11) of the Act, we give in the "Annexure A", a statement of the matters specified in paragraph 3 and 4 of the Order, to the extent applicable. ii As required by Section 143 (3) of the Act, we report that: a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books. c) The Balance Sheet, the Statement of Profitand Loss (including Other Comprehensive Income), the Cash

Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account. d) In our opinion, the aforesaid Financial Statements comply with the Ind AS specifiedunder Section 133 of the

Act, read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015. e) On the basis of the written representations received from the directors as on March 31, 2024 and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2024 from being appointed as a director in terms of Section 164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in " Annexure B" to this report.

g) With respect to the other matters to be included in the Auditors Report under Section 197(16) of the Act: In our opinion and according to the information and explanation given to us, the remuneration paid by the Company to its directors during the current year is in accordance with the provision of Section 197 of the Act.

h) With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its Financial

Statements – Refer Note No. 28 to the Financial Statements.

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

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

iv a) the Management has represented that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

b) the Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entities ("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 identifiedin any manner whatsoever by or on behalf of the Funding Party ("Ultimate provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; Beneficiaries") and

c) Based on 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 mis-statement v. The Company has not declared or paid dividend during the year. Hence, this Clause is not applicable.

vi. Based on our examination which included test checks, the Company has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software. Further, during the course of our audit, we did not come across any instance of audit trail feature being tampered with.

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April 01, 2023, reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per the statutory requirements for record retention is not applicable for the financial year ended March 31, 2024.

	For G. D. Apte & Co.
	Chartered Accountants
	Firm registration number: 100515W
	Chetan R. Sapre
Place: Mumbai	Partner
Date: May 15, 2024	Membership No: 116952
	UDIN: 24116952BJZXLC4603

ANNEXURE A to the Independent Auditors Report on the Financial Statements of Shriram Asset Management

Company Limited.

(Referred to in paragraph I under the heading "Report on Other Legal and Regulatory Requirements" of our report of even date to the members of Shriram Asset Management Company Limited on the Financial Statements for the year ended March 31, 2024)

i. In respect of the Companys Property plant & equipment:

a) A. The Company has maintained proper records showing full particulars including quantitative details and situation of property, plant and equipment for the year.

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

b) The Company has a regular programme of physical verification of its property, plant and equipment during the year by which the property, plant and equipment are verified by the management according to a programme. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its property, plant and equipment. Property, plant and equipment have been physically verified by the management during the year and no material discrepancies were noticed on such verification.

c) According to the information and explanations given to us by the management, the title deeds of immovable properties included in property, plant and equipment are held in the name of the Company.

d) According to the information and explanations given to us by the management, the Company has not revalued its property, plant and equipment (including Right of Use assets) or intangible assets or both during the year.

e) Based on the audit procedures performed by us and according to the information, explanations and representations 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.

ii. a) The Company is primarily engaged in rendering Asset Management Services, and it does not hold any inventories. Accordingly, reporting requirement under Clause (ii)(a) of the Order is not applicable.

b) According to the information and explanations given to us, the Company has not availed working capital limits from banks or financial institutions on the basis of security of its current assets.

iii. a) According to the information and explanations given to us, the Company had granted unsecured loan to one of its fellow subsidiary namely Shriram Insight Share Brokers Limited (SISBL), covered in the register maintained under Section 189 of the Act, which has been repaid during the FY 2023-24, in respect of which

A. The aggregate amount of loan given during the FY 2023-24 to fellow subsidiary was 2 Crores and balance outstanding as on March 31, 2024 was NIL.

B. During the year, Company has provided loans to its employees amounting to 4.30 Lakhs and aggregate amount of loans provided to employees outstanding as on March 31, 2024 is 4.39 Lakhs

b) The terms and conditions of the grant of such loans were not prejudicial to the Companys interest.

c) In the case of loan granted to fellow subsidiary, the terms of arrangements do not stipulate any repayment schedule and the loans were repayable on demand. Payment of interest had been stipulated, and the receipts thereof were regular. And in the case of loan granted to employees, the terms of arrangements stipulate repayment schedule along with interest, and the receipts thereof were regular.

d) There were no overdue amounts for more than ninety days in respect of the loans granted.

e) According to the information and explanation given to us, there are no any loan or advance in the nature of loan granted which has fallen due during the year, has been renewed or extended or fresh loans granted to settle the overdues of existing loans given to the same parties.

f) According to the information and explanation given to us, the Company has granted loans or advances to its fellow subsidiary in the nature of loans either repayable on demand or without specifying any terms or period of repayment. As mentioned in Clause iii(a) above, the aggregate amount of loans granted was 2 Crores to Shriram Insight Share Brokers Limited (SISBL), which comprises of 100% of loans granted.

iv. In our opinion and according to the information and explanation given to us, the Company has complied with the Section 185 and Section 186 of the Act in respect of loans given and investments made, and guarantee provided. According to the information and explanation given to us the Company has not provided any guarantee or security.

v. The Company has not accepted any deposits or the amounts deemed to be deposit as the directives issued by the Reserve Bank of India and the provisions of Section 73 to 76 of the Act and the rules framed there under. Accordingly, Clause (v) of the Order is not applicable to the Company.

vi. To the best of our knowledge and as explained, the Central Government has not specified the maintenance of cost records under Clause 148(1) of the Companies Act, 2013, for the Company, and therefore the provisions of Clause (vi) of the Order is not applicable to the Company

vii. a) According to the information and explanations given to us and according to the records of the Company examined by us, in our opinion, the Company is generally regular in depositing with the appropriate authorities undisputed statutory dues including Goods and Service Tax, Provident Fund, Employees State Insurance, Income-tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, Cess and any other statutory dues, wherever applicable. According to the information and explanations given to us, no undisputed amounts payable in respect of aforesaid dues were outstanding as at March 31, 2024 for a period of more than 6 months from the date they became payable.

b) According to the information and explanations given to us, there were no dues in respect of statutory dues referred to in sub-clause (a) which have not been deposited on account of any dispute except the following:

Name of Statute	Nature of Dues	Forum where Dispute is pending	Period to which amount relates (Assessment Year)	Gross Amount involved	Amount Paid under protest	Amount Unpaid
Income Tax Act, 1961	Tax and Interest	Commissioner of Income Tax (Appeals)	2018-2019	0.68	0.14	0.54
Income Tax Act, 1961	Penalty	Commissioner of Income Tax (Appeals)	2013-2014	1.32	-	1.32
Income Tax Act, 1961	Tax and Interest	Commissioner of Income Tax (Appeals)	2017-2018	0.17	-	0.17
Income Tax Act, 1961	TDS	Income Tax Officer 2008-2009 0.68 - 0.68
Total				2.85	0.14	2.71

viii. According to the information and explanations given to us, no transactions or income, not recorded in the books of account, have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).

ix. a) In our opinion and according to the information and explanation given to us, the Company has not defaulted in repayments of dues or other borrowings or in the payment of interest thereon to any lender during the year.

b) According to the information and explanation given to us, the Company has not been declared as wilful defaulter by any bank or Financial Institution or any lender.

c) According to the information and explanation given to us, the Company has not borrowed new term loans during the year. Therefore, requirement of this Clause is not applicable to the Company.

d) According to the information and explanation given to us, the Company has not raised any funds on short term basis. Therefore, requirement of this Clause is not applicable to the Company.

e) According to the information and explanation given to us, the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries, associates or joint ventures.

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

x. a) According to the information and explanations given to us and on the basis of examination of records of the Company, the Company has not raised any money by way of initial public offer or further public offer

(including debt instruments) during the year. Hence the reporting requirement under Clause (x)(a) of the Order is not applicable to the Company.

b) According to the information and explanations given to us, the Company has not made any preferential allotment or private placement of shares or convertible debentures (fully or partly or optionally convertible) during the year. Accordingly, the reporting under Clause 3(x)(b) of the Order is not applicable to the Company.

xi. a) According to the information and explanation given to us, no fraud on or by the Company, has been noticed or reported during the course of our audit.

b) No report U/s 143 (12) of the Companies Act has been filed by the Auditors in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government.

c) According to the information and explanation given to us, no whistle-blower complaints have been received during the year by the Company. xii. According to the information and explanations given to us, the Company is not a Nidhi Company thus reporting requirements under Clause (xii) (a), (b) & (c) of the Order are not applicable.

xiii. According to the information and explanations given to us and based on our examination of records of the Company, the transactions entered with related parties are in compliance with provisions of Section 177 and 188 of the Companies Act where applicable and the details of such transactions are disclosed in the Financial Statements as required by the applicable accounting standards.

xiv. a) According to the information and explanation given to us, the Company has an internal audit system commensurate with the size and nature of its business.

b) The reports of the Internal Auditors of the Company issued till date for the period under audit were considered by us.

xv. According to the information and explanations given to us and based on our examination of records of the Company, the Company during the year has not entered into any non-cash transactions with directors or persons connected with the directors covered under the provisions of sec 192 of the Act and accordingly the provisions of Clause (xv) of the Order are not applicable to the Company.

xvi. a) In our opinion and according to the information and explanations given to us, the Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934).

b) According to the information and explanation given to us, the Clause pertaining to the conduct of Non-

Banking 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, is not applicable to the Company. c) According to the information and explanation given to us, the Company is a not a Core Investment Company

(CIC) as defined in the regulations made by the Reserve Bank of India. Hence the Clause (xvi)(c) of the

Order is not applicable. d) According to the information and explanation given to us, there are four unregistered Core Investment Company (CIC) as part of the Group.

xvii. According to the information and explanation given to us, the Company has incurred cash losses in the financial year and in the immediately preceding financial year amounting 690.29 lakhs and 402.60 lakhs respectively.

xviii. There has been no resignation of the Statutory Auditors during the year and hence the provision of Clause (xviii) of the Order is not applicable to the Company.

xix. According to the information and explanation given to us and on the basis of the financialratios, ageing and expected dates of realizationoffinancial assets and payment of financial liabilities, other information accompanying the financial statements, and our knowledge of the BOD and management plans, we are of the opinion that no material uncertainty exists as on the date of the audit report and that Company is capable of meeting its liabilities existing as at the date of balance sheet as and when they fall due within a period of 1 year from the balance sheet date.

xx. a) As the Companys net worth/turnover/net profit is below the requirements of Section 135, the provisions of

Corporate Social responsibility are not applicable. Hence, requirements of Clause (xx)(a) of the Order is not applicable.

b) As the Companys net worth/turnover/net profit is below the requirements of Section 135, the provisions of

Corporate Social responsibility are not applicable. Hence, requirements of Clause (xx)(b) of the Order is not applicable.

xxi. The Company is not required to prepare consolidated financial statements and hence the provisions of Clause

(xxi) of the Order is not applicable.

	For G. D. Apte & Co.
	Chartered Accountants
	Firm registration number: 100515W
	Chetan R. Sapre
Place : Mumbai	Partner
Date : May 15, 2024	Membership No: 116952
	UDIN: 24116952BJZXLC4603

ANNEXURE "B" TO THE INDEPENDENT AUDITORS REPORT ON FINANCIAL STATEMENTS OF SHRIRAM ASSET MANAGEMENT COMPANY LIMITED

(Referred to in paragraph II (f) under ‘Report on Other Legal and Regulatory Requirements of our report of even date to the members of Shriram Asset Management Company Limited on the Financial Statements for the year ended March 31, 2024)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal financialcontrols over financial reporting of Shriram Asset Management Company Limited

("the Company") as of March 31, 2024 in conjunction with our audit of the Financial Statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting ("the Guidance Note") 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 financialreporting based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing issued by the 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. 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 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 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, to the best of our information and according to the explanations given to us, 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 of March 31, 2024, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control in the Guidance Note issued by the ICAI.

	For G. D. Apte & Co.
	Chartered Accountants
	Firm registration number: 100515W
	Chetan R. Sapre
Place : Mumbai	Partner
Date : May 15, 2024	Membership No: 116952
	UDIN: 24116952BJZXLC4603