SPV Global Trading Ltd Auditor Reports

TO

The member of

SPV GLOBAL TRADING LIMITED

Opinion

We have audited the accompanying standalone financial statements of SRV Global Trading Limited :*thc Company"! • which comprise the Balance Sheet as at 31? March, 2024. the Statement of Profit and Lons (including Other Comprehensive Income), the Cash Flew Statement and the Statement or Changes in Equity Tor the year then ended and notes to standalone financial statement* and a suromarv of the significant accounting policies and other explanatory information

In our opinion and to the ljest of our information and according to the explanations given to u*. the aforesaid standalone financial statement* 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 prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards! Rules, 2015, as amended find AS?), and other accounting principles generally accepted in India, of the state of affairs of the company ns at 31st March, 2024. and its profit, total comprehensive income, its cash flows and the changes in equity for the year ended on that date.

Basis of Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing specified under section 1 13(10) of the Act :SA?). Oui responsibilities under those Standards arc further described in tire Auditors Responsibilities for the Audit of .in- Standalone financial snuements section of our report. We arc independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of Indi.i <ICAI: together with the ethical requirements that arc relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules made thereunder, and we have fuiiiUed our other ethical responsibilities in accordance with these requirements and the JCAls Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate lo provide a busts for our opinion on tile standalone financial statements.

Key Audit Matters

Key audit matters ore those matters deal, 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 uf our audit of the standalone financial statements a* a whole, and in farming our opinion thereon, and we do not provide a separate opinion on these mattcra. We liavc determinod the matters described below to be the key audit matter* to be communicated in our report

Key audit matters	How our audit addressed the key audit mutter
The Companys sale of traded goods (copper scrap) is majorly to its subsidiary,	Our audit procedures included the following
We identified the Said related party transactions and its disclosure ns set out in respective notes to the financial statements as a key audit matter due to the significance of transactions with the related party.	We have assessed the systems and processes laid down by the Company to appropriately identity, account and disclose all material related oartv transactions in accordance with applicable laws and financial reporting framework.
	We have designed and performed audit procedures in accordance with the guidelines laid down by 1CAI in the Standard on Auditing SA 530) to identify, assess and respond to the risks of material misstatement arising from the entity?s failure to appropriately account for or disclose material related party transactions which includes obtaining necessary approvals at appropriate stages of such transactions ns mandated by applicable laws and regulations. We hare also reviewed the Secretarial Audit report during the course of evaluating the internal control systems in ensuring compliance with applicable laws, rules, regulations and guidelines.

Other Information

The Companys Board of Directors is responsible for the other information- The other information comprises Boards Report. Report on Corporate governance add Business Responsibility report but does not include the standalone financial statements, Consolidated financial statements and our auditors report thereon.

Our opinion on the standalone 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 standalone financial statements, our responsibility is to read the other Information and. in doing so. consider whether the other information is innretHoliy inronRistenl with the standalone financial si urmentR nr our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. If. based on the work we have performed, we conclude tlvat there is a material misstatement of this other information, we are required to report th?u fact. We have nothing to report in this regard.

Managements Responsibilities for the Standalone Financial Statements

The Company?s Board of Directors is responsible for be matters suited in section 134(5: of the Act with respect to the preparation of these standalone financial statements that give a true and fair view ₀f the inortcial position, financial performance including other comprehensive income, cash flows and change-, in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Jnd AS! specified under section 133 of the Act read with the Companies llndian Accounting Standards) Rules. 2015, as amended. This responsibility also includes mainteitanoe of adequate accounsinfi records in accordance with the provisions of the Act roc oofegucircling the ooocio or die Company and for preventing and detecting frauds and mini irregularities; Bulculiott and application of appropriate accounting policies; making jt laments 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 standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone 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 is also responsible for overseeing the Company?s financial reporting process.

Auditor?s Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone 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 useis taken on the basis of these standalone 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 standalone 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 lor one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal financial controls 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 arc also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to standalone financial statements in place and the operating effectiveness of such control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.

Conclude on the appropriateness of management?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 standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions arc 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 standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Wo 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 Ilia 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 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.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor?s Report) Order, 2020 (the ‘Order?) issued by the Central Government of India in terms of Section !43(!1) of the Act, we give in the Annexure A, a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. 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 Profit and 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 relevant books of account.

d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015 as amended.

e) On the basis of the written representations received from the directors as on 31^s" 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) With respect to the adequacy of the internal financial controls over financial reporting with reference to standalone Ind As financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in Annexure B.

g) With respect to the other matters to lx* included in the Auditor?s Report in accordance with Section 197(16) of the Act, in our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.

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

i. The Company does not have any pending litigation which would impact its financial position iri its standalone financial statements.

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

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

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 ihe 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 arc material either individually or in the aggregate} have been received by the Company from any person or entity, including foreign entity ("Funding Parties"), with Lite understanding, whether recorded in writing or otherwise, thaL 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 Parly ("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) uf Rule 11(e), as provided under (a) and (b) above, contnin any material misstatement.

The Company has not proposed or paid any dividend during the year. Thus, the following point is not commented on.

Based on our examination, which included test checks, performed by us on tiie Company have used accounting software for maintaining their respective books of account for the financial year ended March 31, 2024 which has o feature of recording audit trail (edit log) facility and tile same has operated throughout the year for all relevant transactions recorded in the software. Further, during the course of audit we have not come across any instance of the audit trail feature being tampered with.

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April i. 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.

ANNEXURE "A" TO INDEPENDENT AUDITORS REPORT (Referred to in paragraph 1 under RepurL on Other Legal and Regulatory Requirements section of our Rcj ot of even date)

1. a) (A) The company does not have any tangible asse*. thus has not maintained any records related to the same.

(B) The company has maintained proper record*- lowing full particulars of intangible assets.

b) The company does not have any Property, Plant and Equipment and accordingly the requirement to report on clause 3fi)(b)

c) There is no Property. Plant and Equipment held ny the company and accordingly the requirement to report on clause 3 (i)(c: of the Ore¹ is no* applicable in he Company

d) The company has not revalued its intangible asset: during the year ended 31.03.2024.

e) There are no proceedings initiated or are pending against lue company for holding any benami property under the Prohibition of Benanv: Property Transactions Act, 1988 and rules made thereunder.

2. The Companys business does not require mointenm / i of i-v. ::r •:ma! accordingly, the requirement to report on clause 3 (ii)(u) and 3 (ii)(b; of the Order is not applicable to the Company.

3. According to the information and explanations r \ us t H on the basis of our examination of the records of the Company, the company has not made investments in, provided any guarantee or security or granted an loans or nr.var.ces in the nature of loans, secured or unsecured, to companies, firms, unite : Li a I .lily Punnerships or any other parties. Accordingly, clause 3(iii)(a) to 3(iit)iQ a. no: applicable the Company.

4. There are no loans, investments, guarantees, and security in r :;; of which provisions of sections 185 and 186 of the Companies Act, 01- are upplicaL.c and accordingly, the requirement to report on clause 3(iv) of the order :s not applicaolc to the company.

5. The company has neither accepted any deposit! .run the public nor accepted any amounts which are deemed to be deposits within tl->: .nem...i.: • acuious 73 to 76 of the Companies Act, 2013 and the rules framed th<-rounder, to the extent applicable. Accordingly, the requirement to report on c!au::< o! of the ¦ i . not applicable to the company.

6. The company is not in the business of sale of any -ods or provision of such services as prescribed under sub section :l) of Section 14S it.- Compart .. i, 13. Accordingly, the requirement to report on clause 3(vi) of the ordc L not ; L,:L.L to the company.

7. a) The company is regular in depositing with appn •• . it!. !*¦ u.ii.i,.sited statutory

dues including Goods and Service Tax, provide., t - fund, puiyces? state insurance, income-tax, sales-tax, service tax, duty of custom dutv ot excise, value added tax, ccss

b) There are no dues of Goods and Service Tax. provident fund, employees? state insurance, income-tax. sales-tax. service tax. customs duty, excise duty, value added tax, cess and any other statutory dues which have not been deposited on account of any dispute.

8. The company has not surrendered or disclosed any transaction, previously unrecorded in the books of account, in the tax assessments under the Income Tax Act, 1961 as income during the year. Accordingly, the requirement to report on clause 3(viiij of the order is not applicable to the company.

9. a) According to information and explanations given to us and on the basis of our examination of the records of the company, the company did not have any loans or borrowings from any lender during the year. Accordingly, the requirement to report on clause 3(ix)(a) of the order is not applicable to the company.

b) According to 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 willful defaulter by any bank or financial institution or government or any government authority. Accordingly, the requirement to report on clause 3(ix)(b) of the order is not applicable to the company.

c) According to information and explanations given to us and on the basis or our examination of the records of the company, the company lias not obtained any term loans. Accordingly, the requirement to report on clause 3(ix)lc) of the order is not applicable to the company.

d) According to information and explanations given to us and on the basis of our examination of the records of the company, the company did not raise any funds during the year hence, the requirement to report on clause 3(ix)(d) of the order la not applicable to the company.

e) According to information and explanations given to us and on the basis of overall examination of the financial statements of the company, we report that the company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries. Accorelingly, the requirement to report on clause 3(ix)(e) of the order is not applicable to the company.

I) According to information and explanations given to us and procedures performed by us, we report that the company has not raised loans during the year on pledge of securities held in its subsidiaries. Accordingly, the requirement to report on clause 3(ix)(f) of the order is not applicable to the company.

10. a) The company has not raised any money during the year by way of initial public offer/further public ofTer (including debt instruments) hence, the requirement to report on clause 3(x)(a) of the order is not applicable to the company.

b) The company has not made any preferential allotment or private placement of the shares fully or partially or optionally convertible debentures during the year under the audit hence, the requirement to report on clause 3(x)(a) of the order is not applicable to the company.

11. a) According to information and explanations given to us and on the basis of our examination of the records of the company, no fraud by the company or no fraud on the company has been noticed or reported during the year.

b) During the year, no report under sub-Section (12) of Section 143 of the Companies Act has been filed by the auditors in Form ADI-4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government.

c) As informed by the management, there are no whistle blower complaints received by the company during the year.

12. The company is not a Nidhi company as per the provisions of the Companies Act, 2013. Therefore, the requirement to report on clause 3(xii) of the order is not applicable to the company.

13. According to the information and explanations given to us and based on our examinations of the records of the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act, where applicable and the details have been disclosed in the Financial Statements as required by the applicable Accounting Standards.

14. a) The company has implemented internal audit system on a voluntary basis which is commensurate with the size of the company and nature of its business.

b) The internal audit reports of the company issued till date of the audit report, for the period under audit have been considered by us.

15. The company has not entered into any non-cash transactions with its directors or persons connected with its directors and hence requirement to report on clause 3(xv) of the order is not applicable to the company.

16. a) The provisions of section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934) are not applicable to the company. Accordingly, the requirement to report on clause 3{xvi)(a) of the order is not applicable to the company.

b) The company has not conducted any Non-Banking Financial or Housing Finance activities without obtaining a valid Certificate of Registration (CoR) from the Reserve Bank of India as per the Reserve Bank of India Act, 1934.

c) The company is not a Core Investment company as defined in the regulations made by Reserve Bank of India. Accordingly, the requirement to report on clause 3(xvi)(c) of the order is not applicable to the company.

d) There is no other Core Investment company part of the group. Hence, the requirement to report on clause 3(xvi){d) of the order is not applicable to the company.

17. The company has not incurred any cash losses in the current financial year and the immediately preceding financial year.

18. There has been no resignation of the statutory auditors during the year and accordingly the requirement to report on clause 3(xviii) of the order is not applicable to the company.

examinations 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 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. We, however, state that this is not an assurance as of the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one 3^fear from the balance sheet date, will get discharged by the company as and when they fall due.

20. The company doesn?t fall within the provisions prescribed under section 135 of Companies Act, 2013 for CSR expenditure. Accordingly, the requirement to report on clause 3(xx](a) and 3(xx)(b) of the order is not applicable to the company.

21. The audit report and financials are of a standalone company and thus clause 3(xxi) is not applicable to the company.

ANNEXURE "B" TO THE INDEPENDENT AUDITOR?S REPORT

(Referred to in paragraph 2(1) under ‘Report on Other Legal and Regulatory Requirements section of our report of even date)

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 SPV Global Trading Limited ("the Company") as of 31^s March. 2024 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Company?s 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 ol internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of hr.ua (the "Guidance Note"). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively i> ensuring the orderly and efficient conduct of its business, including adherence to Company?s policies, the safeguarding of its assets, the prevention and detection of frauds and i rors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditors Responsibility

Our responsibility is to express an opinion on the t ompanys internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Standards on Auditing prescribed under seoiio; I3: lOj of Act a:id tin- Guidance Note, to the extent applicable to an audit of internal final lul 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 whethc 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 Lo obLain t.udit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial conti s over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, nd U. ting one evaluating the design and operating effectiveness of internal control based .1 the assessed risk. The procedures selected depend on the auditor?s judgment, inducing the assessment of the risks of material misstatement of the standalone financial i Laterncius, whether due to fraud or error.

We believe that the audit evidence we have oblni: i d i. sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A companys internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of standalone financial statements for external purposes in accordance with generally accepted accounting principles. A company?s 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 standalone financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use. or disposition of the company?s assets that could have a material effect on the standalone 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 linancial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31* March, 2024, based on the criteria for 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.