Surya Chakra Power Corporation Ltd Auditor Reports

To

the Members of

M/s. SURYACHAKRA POWER CORPORATION LIMITED

Report on the Audit of the Financial Statements

Opinion:

We have audited tire Financial Statements of M/S SURYACHAKRA POWER CORPORATION LIMITED (the Company), which comprise the Balance Sheet as at 31^s1 March 2025, tire Statement of Profit and Loss, Statement of Cash Flows for tire year then ended, and notes to the Financial Statements, including ajsuminary of significant accounting policies and other explanatory information.

In our opinion and to tire best of our information and according to the explanations given to us, the aforesaid Financial Statements give the information required by the Companies Act, 2013 (hereinafter referred as Act) in the manner so required and give a h ue and fair view of the state of affairs of tire Company as at 31^st March, 2025, Profit & Loss Account Statement for the year ended and Statement of Cash Flows on that date are in conformity with the accounting principles generally accepted in India.

Basis for Opinion:

We have conducted our audit in accordance with tire Standards on Auditing (hereinafter referred as SAs) specified under section 143(10) of the 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 Etlrics issued by tire Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under tire provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Etlrics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of matter

Attention is invited to

(a) Refer Notes to the financial staterpents regarding

The Honble National Company Law Tribunal, Hyderabad Bench-1 (NCLT) vide order dated 03.10.2018 in CP(IB) No.421/7/HDB/2018 (Admission Order) initiated Corporate Insolvency Resolution Process (CIRP) against the Company and appointed Mr.Anup Kumar Singh as the Interim Resolution Professional (IRP) and thereafter th said IRP was appiointed as Resolution Professir.al (RP) to perform the functins and duties as per the Insolvency and Bankruptcy Code, 2016.TThereafter, the I Tonble NCLT vide order dated 01.09.2022 in LA.No.462 of 2021 in CP(IB) No.121/7/HDB/2018 (Liquidation Order) directed for Liquidation of the company in the manner as laid down in ChapteKf*

Ill of Part-II of the Code. The Honble NCLT vide the Liquidation Order appointed the said IRP/RP as a liquidator to exercise the powers and duties as enumerated under the Code. Thereafter, the said Liquidator accordingly issued an E-Auction Sale Notice dated 18.02.2023 for the sale of Copmany as a going concern and fixed the date of auction on 16.03.2023. The Liquidator vide email dated 07.03.2023 declared M/s. Indo Aquatics Limited as a qualified bidder and provided acces to the virtual data room for the purposes of inspection and due-diligence. The bidder participated in the said E-Auction on 16.03.2023. Tereafter, the Liquidator issued a Letter of Intent dated 18.03.2023 (LOl) m facour of M/s. Indo Aquatics Limited declaring as a successful bidder for the purchase of the Company as a going concern. Thereafter, tire bidder (Indo Aquatics Limited) also remitted all the sale consideration amounts (Rs.1,94,00,000) as provided under the process documents and the LOI. Pursuant to the above, the Liquidator vide Sale Certificate dated 14.06.2023 (Sale Certificate) sold Suryachakra Power Corporation Limited (SPCL) on "as is where is, whatever there is, without recourse, on a going concern basis" in favour of M/s. Indo Aquatics Limited. Because of various circumstances, the Company M/s. Indo Aquatics Limited found it challenging to safeguard its rights and interests stemming from the Sale Certificate, particularly in light of the prevailing conditions at the Andaman & Nicobar Islands, where th SPCLs Power plant is located (such as interference by the workmen and the Electricity Department, A&N Administration & Others.,) the company Indo Aquatics Limited decided to transfer all its rights, duties, obligations, responsibilities, and any related matters arising from the Sale Certificate by the way of duly assignment to M/s. Reddy Investments Private Limited. The Company M/s.Reddy Investments Private Limited has also expressed its willingness and intent to accept this Assessment under the terms and conditions outlined in their agreement.

(b) The fixed assets have not been physically verified during the year by the Management in accordance with a programme of verification, which, in our opinion, does not provide for physical verification of all the fixed assets at reasonable intervals. Further, In the absence of such non verification, we are unable to comment upon the adverse effect, if any, on the financial statements.

(c) We draw attention to the standalone financial Statements, the company has not obtained actuarial valuation for providing contribution towards employees gratuity as required by the Indian Accounting Standards, Ind AS 19 and consequently the actual liability provided in the financial statements is not verifiable for its accuracy.

(d) We draw attention to the standalone financial Statements where information has not been properly disclosed in compliance of Ind AS 24- Related party disclosures and Ind AS 108- Segment Reporting.

(e) The Financial Statement of the company has been prepared as per amended schedule III of the Companies Act 2013 subject to non-disclosure of shares held by Promoter of the company, Details of Benami Property held, Wilful defaulter, Relationship with struck off companies, pending registration or satisfaction of chare with ROC, Compliance with numbers of layers of the company and ratio analysis.

(f) The ageing of trade receivables and Trade payables disclosed in the notes no. 6 and 17 to the financial statements could not be verified by us as the management could not satisfactorily provide ageing information of trade receivables and trade payables.

(g) The Company has not provided the requisite information for verification of details of MSME Vendors registered under Micro Small and Medium Enterprises Development (MSMED) Act, 2006. Hence, compliances of procurement; provision for interest, if any, on outstanding dues to MSME units could not be verified.

(h) Sufficient and appropriate documentary audit evidence in respect of Contingent liabilities were not provided to us. As such we are unable to express any opinion as to the effect on the financial statements for the year.

(i) the inventories consisting of raw materials, stores, spares and consumables have not been physically verified during the year by the management. Accordingly, we are not able to report on the adequacy of procedures of physical verification of inventories and with respect to discrepancies between book stocks and physical stocks.

(j) Note 44 of the Statement regarding non-accounting of interest expense on certain loans availed by the Company during the years ended March 31, 2014; 2015; 2016, 2017,2018 2019, 2020,2021 ,2022 and 2023, 2024. We are unable to comment on the extent of shortfall in interest expense and liability thereon to loan creditors. No Interest has been recognised as case has been referred to IRP under IBBI Act.

(k) Refer notes of the Statement regarding confirmation of balances from Secured / Unsecured Loan Lenders; Trade Payables; Creditors for Capital works/goods; loans and Advances given by the Company. We are unable to Comment on the extent of variances, as management has not obtained any confirmation.

(l) Balances of Bank Balance, Cash on hand, Trade Receivables, Other Financial Assets and Other Current Assets being subject to confirmation and reconciliation from respective parties and consequential reconciliation, outcomes of pending arbitration /settlements of claims and adjustments arising therefrom, if any. Adjustments/ Impacts with respect to these are currently not ascertainable and as such cannot be commented upon by us.

Responsibilities of Management and those charged with Governance for the Financial Statements:

The Companys Board of Directors are responsible for the matters stated in section 134(5) of tine Act with respect to tine preparation of these Financial Statements that give a true and fair view of tine financial position, financial performance, and cash flows of the Company in accordance with tine accounting principles generally accepted in India, including tine accounting Standards specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with tine provisions of tine 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 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. Those Board of Directors are also responsible for overseeing the Companys financial reporting process.

Auditors Responsibilities for the Audit of the Financial Statements:

Our objective is to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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 tire economic decisions of users taken based on these Financial Statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also as a part of our audit:

• Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or tire override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in such circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether tire Company has adequate internal financial controls system in place and tire operating effectiveness of such controls.

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

• 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 continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in tire financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to tire date of our report. However, we are not responsible for future events or conditions post our report date which may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of tire Financial Statements,

including tire disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters drat may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Report on Other Legal and Regulatory Requirements:

1. As required by Section 143(3) of dre 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, and Statement of Cash Flows dealt with by this Report are in agreement with die Books of Account that were presented to us.

d. In our opinion, die aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e. On the basis of die written representadons received from the directors as on 31^st March, 2025 taken on record by die Board of Directors, none of die directors are disqualified as on 31^s1 March, 2025 from being appointed as a Director in terms of Secdon 164 (2) of the Act.

f. With respect to the disclosure on the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, the same is not applicable to the Company vide Notification Dated 13.06.2017 issued by Ministry of Corporate Affairs.

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

i. The Company does not have any pending litigations which would impact its financial position;

ii. The Company does not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses;

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

iv. (a) The Management has represented that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts, 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 tire Company to or in any other person(s) or entity(ies), including foreign entities ("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 mamrer 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, other than as disclosed in the notes to the accounts, 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 indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or tire like on behalf of the Ultimate Beneficiaries; and

(c) Based on tire audit procedures, which we have considered reasonable and appropriate in tire circumstances, nothing has conre to our notice that has caused us to believe that the representations under sub-clause (a) and (b) contain any material misstatement.

v. There were no dividends declared or paid during tire year by tire company in pursuant to the provisions of section 123 of the Companies Act, 2013.

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, where audit trail (edit log) facility was enabled and operated, we did not come across any instance of the audit trail feature being tampered with.

2. As required by tire Companies (Auditors Report) Order, 2020 (herein after referred as "the Order"), issued by tire Central Government of India in terms of sub-section (11) of Section 143 of tire Act, we give in the " Annexure A", a statement on the matters specified in Paragraphs 3 and 4 of the Order, to the extent applicable.

Annexure A to the Independent Auditors Report on the Financial Statements of M/S SURYACHAKRA POWER CORPORATION LIMITED

[Referred to in paragraph 2 under Report on Other Legal and Regulatory Requirements of our Report of even date to the members of M/S SURYACHAKRA POWER CORPORATION LIMITED , on the Financial Statements of the Company for the year ended 31^s1 March 2025]

(i) In respect of its Property, Plant and Equipment and Intangible Assets:

(a) According to the information and explanations given to us and based on our examination of the records of the Company, the company doesnt possess any property plant and equipment, intangible assets and immovable property. Accordingly, clause 3(i)(a) & 3(i)(b) of the Order are not applicable.

(b) According to the information and explanations given to us there are no immovable properties that are held in tire name of the company. Hence Clause 3(i)(c) of the Order is not applicable.

(c) According to the information and explanations given to us and based on our examination of the records of the Company, the company doesnt possess any property plant and equipment, intangible assets and immovable property. Accordingly, clause 3(i)(d) of tire Order is not applicable.

(d) According to the information and explanations given to us, there are no proceedings initiated or pending against the Company under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

(ii) In respect of its Inventory:

(a) According to the information and explanations given to us, the Company wont deal with inventory. Hence Clause 3(ii)(a) of tire Order is not applicable.

(b) According to the information and explanations given to us, tire Company has not been availed/sanctioned any working capital limits, from any bank or financial institution on the basis of security of current assets. Hence Clause 3(ii)(b) of the Order is not applicable.

(iii) In respect of Investments, Loans Granted, Guarantee/Security provided by the Company:

Based on our scrutiny and as per the information and explanations provided to us, during tire year, the Company has not made Investment, nor provided any guarantee, granted any loans/advances in tire nature of loans, whether secured or unsecured, to Companies, Firms, Limited Liability Partnerships or Other parties. Hence, Clause 3(iii) of the Order is not applicable.

(iv) In respect of Loan, Investments, Guarantees and Security:

Based on our scrutiny and as per tine information and explanations provided to us, there are no loans, investments, guarantees, and security made in respect of which provisions of section 185 and 186 of the Companies Act, 2013 must be complied.

(v) In respect of Deposits Acceptance:

To the best of our knowledge and according to the information and explanations provided to us, the Company has not accepted any deposits from public and accordingly the provisions of section 73 to 76 or any other relevant provisions of the Companies Act, 2013 are not applicable.

(vi) In respect of maintenance of Cost Records:

The Company being not satisfying the applicability criteria specified under Section 148 of Act, it is not required to maintain cost accounts and cost records.

(vii) In respect of Statutory Dues;

(a) According to the records of the Company and information and explanations given to •us, the Company has generally been regular in depositing undisputed statutory dues, including Professional tax, Income-tax, Goods and Service Tax etc. Thus, there were no statutory dues in arrears/were outstanding as on 31st March, 2025 for a period of more than six months from the date they became payable.

(b) According to the records of the Company and information and explanations given to us, the Company has no dues of Income-tax, GST or other statutory dues which have not been deposited on account of any dispute.

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

(ix) In respect of dues to Financial Institutions, Banks:

(a) Based on our scrutiny and as per the information and explanations provided to us, tire Company has not availed any Loans or Borrowings from Financial Institutions or banks or any lender. Hence this clause is not applicable.

(b) The Company has not been declared as wilful defaulter by any bank or financial institution or other lender.

(c) According to tire records of the Company and information and explanations given to us, tire Company has not obtained any term loan;

(d) According to the records of the Company and information and explanations given to

us, the Company has not raised any funds.

(e) According to the records of the Company and information and explanations 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 records of the Company and information and explanations given to us, the Company has not raised any loans on the pledge of securities held in its subsidiaries, joint ventures or associate companies.

(x) In respect of Initial Public Offer or Further Public Offer.

(a) The Company being a Private Limited Company, money cannot be raised by the way of initial public offer or further public offer and hence this particular para of the Order is not applicable.

(b) To tire best of our knowledge and according to the information and explanations provided to us, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review.

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(xi) In respect of Fraud on or by the Company:

(a) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company or any fraud on the Company has been noticed or reported during tire year.

(b) To tire best of our knowledge and according to the information and explanations given to us no report under sub-section (12) of section 143 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 tire Central Government;

(c) According to the information and explanations given to us, the Company did not get any whistle-blower complaints during the year and up to tire date of this report;

(xii) In respect of Nidhi Company:

The Company is not NIDHI Company hence clause (xii) of the Order is not applicable to the company.

(xiii) In respect of related party transactions:

To the best of our knowledge and according to the information and explanations provided to us, all transactions with tire related parties are in compliance with Section 188 of Companies Act, 2013 wherever applicable and the details have been disclosed in the Financial Statements as required by the applicable Accounting Standards. Further, tire provisions of Section 177 of the Companies Act, 2013 are not applicable to the Company;

(xiv) In respect of Internal Audit System:

The provisions of Section 138 of the Companies Act, 2013 are not applicable to the Company, as the thresholds mentioned have not been breached. Accordingly, clause 3(xiv) of the Order is not applicable to the Company.

(xv) In respect of Non-cash transactions with Directors or other persons:

To the best of our knowledge and according to the information and explanations provided to us, the Company has not entered any non-cash transactions with its directors or persons connected with him and accordingly, compliance of the provisions of section 192 of the Companies Act, 2013 is not applicable.

(xvi) In respect of registration under section 45-IA of the Reserve Bank of India Act, 1934:

(a) To the best of our knowledge and according to the information and explanations provided to us, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Hence reporting under clause 3(xvi)(a), (b) and

(c) of the Order is not applicable.

(b) To tire best of our knowledge and according to tire information and explanations provided to us, there is no core investment Company within tire Group (as defined in the Core Investment Companies (Reserve Bank) Directions, 2016) and accordingly reporting under clause 3(xvi)(d) of tire Order is not applicable

(xvii) In respect of Cash Losses:

The company has not incurred cash loss in current financial year as well hr immediately preceding financial year.

(xviii) In respect of Resignation of Statutory Auditors:

There has been no instances of resignation of tire statutory auditors in tire Company during the reporting period.

(xix) In respect of any material uncertainties in the Financial Statements:

Basis of the financial ratios, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying the financial statements, and our best knowledge of the Board of Directors and management plans as disclosed to us, 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 not 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 tire balance sheet date. We, however, state that this is not an assurance as to tire future viability of the company. We further state that our reporting is based on tire facts up to the date of tire audit report and we neither give any guarantee nor any assurance that all liabilities falling due widrin a period of one year from the balance sheet date, will get discharged by the company as and when they fall due.

(xx) In respect of CSR Obligations:

To the best of our knowledge and according to the information and explanations provided to us, the provisions of Section 135 of the Companies Act, 2013 are not applicable to the Company.

ANNEXURE "B" TO THE INDEPENDENT AUDITORS REPORT ON THE FINANCIAL STATEMENTS

Report on the Internal Financial Controls over Financial Reporting under Clause (i) of Subsection 3 of Section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal financial controls over financial reporting of M/S SURYACHAKRA POWER CORPORATION LIMITED ("the Company") as of 31 March 2025 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 Board of Directors of the company 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 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 the respective Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of 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 financial reporting of the company 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") issued by the Institute of Chartered Accountants of India and the Standards on Auditing as specified 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 arid 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 appropriate to provide a basis for our audit opinion on the internal financial controls system over financial reporting of

the Company.

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 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 tire 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 tire degree of compliance with tire policies or procedures may deteriorate.

Opinion

In our opinion, to tire best of our information and according to the explanations given to us, the Company has, in all material 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 at March 31, 2025, 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.