SPA Capital Services Ltd Auditor Reports

TO THE MEMBERS OF SPA CAPITAL SERVICES LIMITED

REPORT ON THE AUDIT OF THE STANDALONE FINANACIAL STATMENT

Qualified

Opini?n

We have audited the accompanying standalone Ind AS financial statements of SPA CAPITAL SERVICES LIMITED ("the Company"), which comprise the Balance sheet as at March 31 2024, the Statement of Profit and Loss including the statement of Other Comprehensive Income, the Cash Flow Statement and the Statement of Changes in ?quity 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, except for the possible effects of the matter described in the Basis for Qualified Opini?n section of our report, the aforesaid standalone Ind AS financial statements give the information required by the Companies Act, 2013, as amended ("the Act") 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 March 31, 2024, its profit including other comprehensive income, its cash flows and the changes in equity for the year ended on that date.

Basis for Qualified Opini?n

1. The company has taken various loans, which were outstanding as on 31st March, 2024. The management has not provided the interest on some of the loans, which constitute a departure from the Accrual basis of accounting. The companys records ind?cate that an Rs. 7,292/-(in Thousands) for the year ended on March 31, 2024 has not been provided as interest expenses on these loans, which would have been decrease the profit Rs. 7,292/-(?n Thousands) for the year ended on March 31, 2024 and also increase the loan liability by same amount.

2. The company has given loans to various parties, which were outstanding as on 31st March, 2024 of Rs 1,41,438 (in Rs Thousands), however the company has not charged any interest on such loans given by the company, so in absence of the same the loans are loss assets as per the NBFC guidelines issued by RBI, however the company has not made any Provisi?n for loss assets, which constitute a departure from the NBFC guidelines and in view of the same the companys records ind?cate that profit of the company is overstated by 1,41,438 (in Rs Thousands) on account of non-provision of loss assets and also the provisi?n for loss assets is understated by Rs 1,41,438 (in Rs Thousands) and the loan assets are overstated by 1,41,438 (in Rs Thousands) for the year ended on March 31, 2024

Emphasis of Matter

1. The company has purchased Bonds of ITNL Bonds in the current financial year of Rs 1,42,049 (in Rs Thousands) , However the bonds so purchased are not tradable in any active market so the.valu? of bonds purchased cannot be ascertained by us and therefore the same is not commented upon.

Information other than Financial Statements and Auditors Report Thereon

The Companys management and Board of Directors are responsible for the other information. The other information comprises the information included in the Companys annual report; but does not ?nclude the financial statements and our auditors report thereon. Our opini?n on the Standalone Financial Statements does not cover the other information and we do not express any form of assurance conclusi?n thereon.

In connection with our audit of the Standalone Financial Statements, our responslbility 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 in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard.

Responsibility of Management for Standalone 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 standalone financial statements that give a true and fair view of the financial position, financial and the

Cash FIqw Statement 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 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 statement 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 continu? 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 liqu?date the Company or to cease operations, or has no realistic alternative but to do so. The Board of Directors are also responsible for overseeing the companys financial reporting process.

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

Auditors 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 iss?e an auditors report that ?neludes 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 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 thro?ghout the audit.

We also:

1. 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 involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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

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

4. Conclude on the appropriateness of managements use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companys ability to 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 disciosures in the financial statements or, if such disciosures 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, future events or conditions may cause the Company to cease to continu? as a going concern.

5. Eval?ate the overall presentation, structure and conten? of the financial statements, including the disciosures, 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 Standalone 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 preeludes 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

As required by the Companies (Auditors Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the "Annexure A" statement on the matters specified ?n paragraphs 3 and 4 of the Order, to the extent applicable.

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 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 standalone balance sheet, the standalone statement of profit and loss (including other comprehensive income), the standalone statement of changes in equity and the standalone statement of cash flows dealt with by this Report are in agreement with the books of account;

(d) In our opini?n, the aforesaid Standalone Financial Statements comply with the Ind AS specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

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

(f) Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 requires all companies which use accounting software for maintaining their books of account, to use such an accounting software which has a feature of audit trail, with effect from the financial year beginning on 1 April 2023 and accordingly, it is reported under Rule ll(g) of Companies (Audit and Auditors) Rules, 2014 (as amended) that the company has not used the accounting software with the feature of recording the audit trial for maintaining its books of accounts.

(g) 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 sep?rate Report in "Annexure B".

(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, in our opini?n 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 which would impact its financial position

ii. The Company has no long-term contracts as at 31^st March, 2024 and therefore there are no material foreseeable losses.

iii. There were no amounts which required to be transferred by the Company to the Investor Education and Protection Fund by the Company during the year ended 31* March, 2024.

iv. (a) The management has represented that, to the best of its knowledge and belief, no funds 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(s) or entity(ies), including foreign entities ("Intermediaries"), with the understanding, whether recorded in writlng 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 ("Ult?mate Beneficiaries") or provide any security or the like on behalf of the Ult?mate Beneficiaries;

(b) The management has represented that, to the best of its knowledge and belief, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or ?ndirectly, lend or invest ?n other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ult?mate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ult?mate Beneficiaries; and

(c) Based on such audit procedures that we 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 (a) and (b) contain any material misstatement.

v. The Company has not declared or paid any dividend during the year ended 31 March 2024.

For DHANA

Associates Chartered Accountants

Membership No. 089125

Place: New Delhi

Date: 29.05.2024

U DIN: 24089125BKASCQ7903

Annexure A to the Independent Auditors report on the standalone financial statements of SPA CAPITAL SERVICES LIMITED for the year ended 31 March 2024

(Referred to in paragraph 1 under Report on Other Legal and Regulatory Requirements section of our report of even date)

Property, Plant and Equipment and Intangible Assets:

(?)(a)(A) The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, plant and equipment.

(B) The Company have Intangible assets as at the end of the year.

(b) According to the information and explanations given to us and on the basis of our examination of the records of the Company, all Property, Plant and Equipment have not been physically verified by the management during the period but there is a regular programme of verification, which in our opini?n, ?s reasonable having regard to the size of the Company and the nature of its assets. As informed to us, no material discrepancies were noticed on such verification;

(c) According to the information and explanations given to us, as the company owns no immovable properties, therefore reporting under clause 3(?)(c) is not applicable.

(d) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not revalued its Property, plant and equipment (including Right-of-use assets) or Intangible assets or both during the year;

(e) According to the information and explanations given to us and on the basis of our examination of the records of the Company, there are no proceedings initiated or pending against the Company for holding any benami property under the Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder.;

Inventories:

(ii) (a) The Company holds securities in physical form as well as in dematerialized form. The securities held in physical form have been physically verified by the management during the year. Securities in the form of dematerialized held as stock in trade by the custodian is verified with the confirmation statement received from them on a regular basis. In our opini?n, the frequency of such verification is reasonable and procedures and coverage as followed by management .were appropriate. No discrepancies were noticed on verification between the physical stocks and the book records that were 10% or more in the aggregate for each class of inventory.

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

Loans, Advances, Guarantees and Securities:

(i??) The Company has made ?nvestments ?n, companies, firms, Limited Liability Partnerships, and has granted unsecured loans to other parties, during the year, in respect of which:-

(a) Based on the audit procedures carried on by us and as per the information and explanations given to us, the Company has granted loans to a party other than subsidiaries as below:

(in Rs Thousands)

Opening Balance as on 01.04.2023	Aggregate amount paid/received during the year	Balance outstanding as at balance sheet date
3,40,186	19,2,548/(38,29,93)	14,97,41

(b) According to the information and explanations given to us and based on the audit procedures conducted by us, we are of the opini?n that the terms and conditions of the loans given are, prima facie, not prejudicial to the ?nterest of the Company;

(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, in the case of loans given, the repayment of principal and payment of interest has not been stipulated so we are unable to comment on the same;

(d) According to the information and explanations given to us and on the basis of our examination of the records of the Company, as the conditions for the repayment of principal and payment of interest has not been stipulated so we are unable to comment on the same;

(e) According to the information and explanations given to us and on the basis of our examination of the records of the Company, as the conditions for the repayment of principal and payment of ?nterest has not been stipulated so we are unable to comment on the same;

(f) According to the information and explanations given to us and on the basis of our examination of the records of the Company, as the conditions for the repayment of principal and payment of interest in case of loans given has not been stipulated so we are unable to comment on the same.

Compliance in reiation to loan to Related Parties:

(?v) According to the information and explanations given to us the Company has not complied with the provisions of Sections 185 and 186 of the Companies Act, 2013 in respect of loans granted, ?nvestments made and guarantees and securities provided, as interest on loans given has not been charged by the company.

Acceptance of Deposits:

(v) The Company has not accepted any deposits or amounts which are deemed to be deposits from the public. Accordingly, clause 3(v) of the Order is not applicable.

Cost Accounting Records:

(vi) According to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under Section 148(1) of the Companies Act, 2013 for the produc?s manufactured by it. Accordingly, clause 3(v?) of the Order is not applicable.;

Statutory Dues:

(vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including Goods and Services Tax (GST), Provident fund, Employees State Insurance, Income-tax, Duty of Customs, Cess and other material statutory dues have generally been regularly deposited with the appropriate authorities.;

(b) According to the information and explanations given to us, there are no dues of GST, Provident fund, Employees State Insurance, Income-tax, Sales tax, Service tax, Duty of Customs, Valu? added tax, Cess or other statutory dues which have not been deposited by the Company on account of disputes.

Disclosure of Transactions not recorded in Books:

(viii) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not surrendered or disclosed any transactions, previously unrecorded as income in the books of account, in the tax assessments under the Income-tax Act, 1961 as income during the year.;

Loans Taken:

(ix) (a) According to the Information and explanations given to us and on the basis of our examination of the records of the Company, the company have not defaulted in the repayments of such loans or borrowings obtained from financial institutions.

(b) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not been declared a wilful defaulter by any bank or financial institution or government or government authority.;

(c) According to the information and explanations given to us by the management, the Company has obtained term loans from financial institutions and the company has utilized the money obtained from term loans for which they were obtained.

(d) According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that no funds hav? been raised on short-term basis by the Company. Accordingly, clause 3(?x)(d) of the Order is not applicable.;

(e) According to the information and explanations given to us and on an overall meet the obligations of ?ts subsidiaries as defined under the Companies Act, 2013. Accordingly, clause 3(ix)(e) of the Order is not applicable.;

(f) According to the information and explanations given to us and procedures perforraed by us_; we report that the Company has not raised loans during the year on the pledge of securities held ?n ?ts subsidiaries as defined under the Companies Act, 2013. Accordingly, clause 3(?x)(f) of the Order is not applicable.;

IPO and Pr?vate Placement/Preferential Allotment:

(x) (a) The Company has not raised any moneys by way of initial public offer or further public offer (including debt instruments). Accordingly, clause 3(x)(a) of the Order is not applicable.;

(b) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not made any preferential allotment or pr?vate placement of shares or fully or partly convertible debentures during the year. Accordingly, clause 3(x)(b) of the Order is not applicable.;

Fraud Reporting:

(xi) (a) Based on examination of the books and records of the Company and according to the information and explanations given to us, considering the principies of materiality outlined in Standards on Auditing, we report that no fraud by the Company or on the Company has been noticed or reported during the course of the audit;

(b) According to the information and explanations given to us, no report under sub-section (12) of Section 143 of the Companies Act, 2013 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 explanations given to us and to the best of our knowledge and belief, we have not come across any whistle blower complaints during the year.

Nidhi Company:

(xii) (a) According to the information and explanations given to us, the Company is not a Nidhi Company. Accordingly, clause 3(x??) of the Order is not applicable.;

Related Party Transactions:

(xiii) In our opini?n and according to the information and explanations given to us, the transactions with related parties are in compliance with Sections 177 and 188 of the Companies Act, 2013, where applicable, and the details of the related party transactions have been disclosed in the standalone financial statements as required by the applicable Indian Accounting Standards;

Reporting on Internal Audit System:

(xiv) (a) Based on information and explanations provided to us and our audit procedures, in our opini?n, the company does have an i internal audit reports have been made available to us internal audit sy:

(b) The reports of the internal auditor for the period under audit was considered by the statutory auditor

Non-Cash Transactions with Directors:

(xv) In our opini?n and according to the information and explanations given to us, the Company has not entered into any non-cash transactions with its directors or persons connected to its directors and henee, provisions of Section 192 of the Companies Act, 2013 are not applicable to the Company.;

Registration with RBI:

(xvi) (a) In our opini?n and according to the explanations given to us, company is registered as Non Banking Financial Company under section 45-IA of the Reserve Bank of India Act, 1934,.

(b) In our opini?n and according to the explanations given to us, company was registered as Non Banking Financial Company under section 45-IA of the Reserve Bank of India Act, 1934,

(c) The Company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India. Accordingly, clause 3(xvi)(c) of the Order is not applicable;

(d) According to the information and explanations provided to us during the course of audit, the Group does not have any CIC. Accordingly, the requirements of clause 3(xvi)(d) are not applicable;

Cash Losses:

(xvii) According to information and explanations given to us and on the basis of our examination of the books of account, the company has incurred cash losses to the tune of Nil In the current financia! year and in the ?mmediately preceding financial year.

Resignation of Statutory Auditors:

(xviii) There has been no resignation of the statutory auditors during the year and this clause is not applicable

Reporting on Liquidity:

(xix) According to the information and explanations given to us and on the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report that the Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fail due within a period of one year from the balance sheet date. We, however,. State that this is not an assurance as to the future viability of the Company. We further State that our reporting is based on the faets up to the date of the audit report and we neither give any guarantee ?or any assurance that all liabilities falling due within a period of one year from the

balance sheet date, will get discharged by the Company as and when they fall due;

Corporate Social Responsibility:

(xx) In our opini?n and according to the informaron and explanations given to us, as the provisions of Section 135 of the Companies Act, 2013 are not applicable to the company, accordingly, clauses 3(xx)(a) and 3(xx)(b) of the Order are not applicable

Reports of Consolidated Financial Statements:

(xxi) According to the information and explanations given to us, in respect of the following companies incorporated in India and included in the Consolidated financial statements, following needs to be looked upon:

?ame of the entities	CIN	Associate/ Subsidiary/Holding	Clause Number of the CARO Report of the company which is qualified or adverse
SPA Investment Adviser Pr?vate Limited	U72900MH2005PTC154875	Associate	Refer Clause vii(b) of the Companies (Auditors Report) Order, 2020 ("the Order")

For DHANA & ASSOCIATES Chartered Accountants ICAI FRN : 510525C

Membership No.089125

Place : New Delhi

Date : 29.05.2024

UDIN :24089125BKASCQ7903

Annexure "B" to the Independent Auditors Report of even date on the Financial Statements of M/s SPA CAPITAL SERVICES LIMITED .

Referred to in paragraph 2(f) of the Independent Auditors Report of even date to the members of M/s SPA CAPITAL SERVICES LIMITED on the financial statements for the year ended 31^st March, 2024.

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

We have audited the internal financial Controls over financial reporting of SPA CAPITAL SERVICES LIMITED ("the Company") as of March 31, 2024 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal financial Controls based on "the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities inelude the design, ?mplementation 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 opini?n on the Companys internal financial Controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance

Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial Controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial Controls over financial reporting was established and maintained and if such Controls operated effectively in all material respeets.

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 ?s sufficient and appropriate to provide a basis for our audit opini?n on the Companys internal financial Controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A companys internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principies. A companys internal financial control over financial reporting ineludes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detall, 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 principies, 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 Infernal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial Controls over financial reporting, including the possibility of cbllusion 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 deteri?rate.

In our opini?n, the Company has, in all material respeets, an adequate internal financial Controls system over financial reporting and such internal financial Controls over financial reporting were operating effectively as at March 31, 2024, based on "the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Infernal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For DHANA & ASSOCIATES Chartered Accountants

Partner

Membership No.089125

Place : New Delhi

Date : 29.05.2024

UDIN : 24089125BKASCQ7903