SVC Industries Ltd Auditor Reports

To the Members of SVC Industries Limited

Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying Financial Statements of SVC Industries Limited (‘the Company”), which comprise the Balance Sheet as at 31st March, 2025 the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flow and the Statement of Changes in Equity for the year then ended, and notes to the Financial Statements, including material accounting policies and other explanatory information (“the Financial Statements”).

In our opinion and to the bestof our information and according to the explanations given to us, the aforesaid 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 Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended (‘IndAS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31stMarch, 2025, its loss, its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the Financial Statements in accordance with the Standards on Auditing (SAs), as specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditors Responsibility for the Audit of the Financial Statements section of our report. We are independentof the Companyin accordance with the ‘Code of Ethicsissued by the Institute of Chartered Accountantsof India (ICAI) together with the ethical requirementsthat are relevantto our audit of the financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordancewith these requirements and the ICAIs Code of Ethics. We believe that the audit evidence we have obtained is sufficientand appropriateto provide a basisfor our audit opinion on the Financial Statements.

Key audit matters	Purpose
Evaluation of uncertain financial lial lities	Our audit procedure on evaluation of uncertain financial liabilities included
As described in Note No. 13.1 to 13.6, Note No. 27 and Note No. 30, the Company has outstanding financial liabilities having book value of Rs. 4,910.07 Lakhs as on 31.03.2025 towards Non-convertible debentures and	+Obtained understanding of key uncertain financial liabilities and their status before various judicial authorities;
loan from state financial institutions. Recovery petition filed by the lenders are pending before	+Read and analysed key correspondences between lenders and the Company regarding the uncertain financial liabilities;
the Debt Recovery Tribunal (DRT). The amount claimed in these petitions are much higher than the book value of the liabilities. The Management has approached these lenders for one-time settlement of these financial liabili-	+Discussed with appropriate senior management and valuated managements underlying key assumptions in estimating the uncertain financial liabilities; and
ties and is hopeful to close the matter by mutual agree- ment in due course, a reliable estimate cannot be made of the amount likely to be paid in satisfaction of these	+Assessed managements estimate of the possible outcome of the negotiation by way of one-time settiement with lenders.
financial liabilities. Meanwhile the State Financial Institution (PICUP), has granted to the company extension of the deadline for the paymentof the balance One Time Settlement dues for an aggregate amount of Rs. 2,299 Lakhs payable on or before 3rd June, 2025.	+Obtained the extension letter granted by PICUP, read the key correspondences also obtained the PICUP Minutes approving the extension to the OTS.

 

Li on matters	Our audit procedures included and was not li ited to the following:
The provisions and contingent liabilities relate to ongoing litigations and claims with various authorities and third parties. These relate to direct tax, indirect tax, claims, general legal proceedings and other eventuallties arising in the regular course of business.	+Assessing managements position through discussions with the in-house legalltax team and external legal opinions obtained by the Company (where considered necessary) on both, the proba- bility of success in the aforesaid cases, and the magnitude of any potential loss.
As atthe year ended 31st March, 2025, the amounts involved are significant. The computation of a provision or contingent liability requires significant judgement by the Company because of the inherent complexity in estimating future costs. The amount recognized as a provision is the best estimate of the expenditure. The provisions and contingent liabilties are subject to changes in the outcomes of litigations and claims and the positions taken by the company. It involves significant judgement and estimation to determine the likelihood and timing of the cash outflows and interpretations of the legal aspects, tax legislations and judgements previously made by authorities.
	+Discussion with the management on the development in these litigations during the year ended 31st March, 2025.
	Roll out of enquiry letters to the Companys legal counsel (intemalexternal) and study the responses received from them. Also verified that accounting/disclosure made by the Company are in accordance with the assessment of legal counsel.
	*Review of the disclosures made by the Company in the financial statements in this regard.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our auditof the Financial Statements forthe financial yearended 31stMarch, 2025. These matters were addressed in the contextof our auditof the Financial Statements asa whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our auditaddressed the matter is provided in that context. We have determined the matters described below to be the key audit matters to be communicated in our report along with our description of how our audit addressed the matters.

Information Other than the Financial Statements and Auditors Report Thereon

The Companys Management and Board of Directors is responsible for the other information. The other information comprises the information included in Management Discussion and Analysis, Boards Report and the Annual Report, but does notinclude the financial statements and our auditors report thereon. The reports are expected to be made available to us after the date of this auditors report.

Our opinion on the Financial Statements does not cover the other information and we do not and will not express any form of assurance conclusion thereon.

In connection with our audit of the Financial Statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether such other information is materially inconsistentwith the financial statements or oour knowledge obtained during the courseof our audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatementof this other information, we are required to reportthat fact. We have nothing to report in this regard at this moment.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

The Companys Board of Directors is responsible for the matters stated in section 134(5) of theAct with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other iregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate intemal 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 dueto fraud or error. In preparing the financial statements, management is responsiblefor assessing the Companys ability to continue as a going concem, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless management either intendsto liquidate the Company orto cease operations, or has no realistic alternative butto doso. The Companys Board of Directors s 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 issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influencethe economic decisionsof users taken on the basis of these financial statements. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

+ Identify and assess the risks of material misstatement of the financial statements, whetherdue to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate o 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 mayinvolve collusion, forgery, intentional omissions, misrepresentations, or the overrideof intemal control.

+ Obtain an understanding of internal financial control relevantto the auditin orderto design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whetherthe Company has adequate intemalfinancial controls system in place and the operating effectivenessof such controls.

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

+ Conclude on the appropriatenessof 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. f we conclude that a material uncertainty exists, we are required to draw attention in our auditors reportto the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Ourconclusions are based on the audit evidence obtained up to the date ofour auditors report. However, future eventsor conditions may cause the Companyto ceaseto continue as agoing concern.

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

Materiality is the magnitude of misstatements in the financial statements that, individually o in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (i to evaluate the effectof any identified misstatements in the financial statements. significantauditfindings, including any significant deficiencies in intemal control that we identify during our audit.

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

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure aboutthe matter orwhen, 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.

Reporton Other Legal and Regulatory Requirements

1. Asrequired by the Companies (Auditors Report) Order, 2020 (“the Order”) issued by the Central Govemment in terms of Section 143(11) ofthe Act, we give in “AnnexureA” a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. Asrequired by Section 143(3) of the Act, based on ouraudit, we reportthat:

a) Wehave sought and obtained all the information and explanations which tothe bestof our knowledge and belief were necessary for the purposes of our audit. b) Inouropinion, proper books of account as required by law have been keptby the Company sofaras it appears from our examination ofthose books.

c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Statement of Cash Flows and Statementof Changes in Equity dealt with by this Report are in agreementwith the relevant books of account.

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

e) Onthe basis of the written representations received from the directors and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2025 from being appointed as a directorin terms of section 164(2) of the Act.

f) With respect to the adequacy of the intemal financial controls with reference to financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure B". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Companys intemal financial with referenceto financial statements.

g) Withrespectto the other matters to be included in the Auditors Report in accordancewith the requirements of section 197(16) of the Act, as amended, in our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Companyto its directors during the yearis in accordancewith the provisions of section 197 of the Act. h) With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to the explanations given to us: i. The Company has disclosed the impact of pending litigations on its financial position inits financial statements Refer Note 13.1to 13.6,27,30and 32 to the financial statements;

ii. There are no foreseeable losses on any long-term contract including derivative contract as required under applicable law or accounting standards;

iii. According to records of the company, there are no amounts that are due to be transferred to the Investor Education and Protection Fund in accordancewith the relevant provisions of the Act and rules made there under.

iv. Based onsuch audit procedures that we have considered reasonable and appropriate in the circumstances and also as represented by the management, nothing has come to our notice that has caused us to believe that Any funds have been advanced or loaned or invested by the company in any “Intermediaries”, with the understanding, that the Intermediary shall, lend or invest on behalf of the company or provide any guarantee or security on its behalf. Also no funds have been received by the company from any entities (“Funding Parties”), with the understanding that the company shalllend orinvestin other entities on behalf ofthe Funding Party. V. The company has notdeclared or paid any dividend during the year. vi. Based on our examination, which included test checks, the Company has used accounting software for maintaining its books of account which have a feature of recording audit trail (edit log) facility and that has operated throughout the year for all relevant transactions recorded in accounting software. Further, during the course of our audit we did not come across any instance of the audit trail feature being tampered with and the audit trail has been preserved by the company as per the statutory requirements of record retention.

ForB.M.CHATURVEDI & Co.

Chartered Accountants

ICAIFRN: 114317W

Kartik Agrawal

Partner

ICAIMN. 463529

UDIN: 25463529BMOPJM9689

Date: 27" May, 2025

Place: Mumbai

ANNEXURE “A” TO THE INDEPENDENT AUDITORS REPORT

Asrequired under Companies (Auditors Report) Order, 2020 (CARO 2020) and Referred to in paragraph 1 under Reporton Other Legal and Regulatory Requirements of our reportto the members of SVC Industries Limited (“the Company”)for the year ended 31st March, 2025. To the best of our information and according to the explanations provided to us by the Company and the books of account and records examined by us in the normal courseof audit, we report that:

1) Inrespectof property, plantand equipmentincluding investment property:-

(a) A) The company has maintained proper records showing full particulars, including quantitative details and situation of property, plant and equipmentincluding investment property. B) The Company not have any intangible assets hence reporting underis not applicable tothe company. (b) The Company has a regular program of physical verification of assets covered under property, plant and equipment in a phased manner, which in our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company andthe nature of its assets. No material discrepancieswere noticed on such verification. o The title deeds of all the immovable properties disclosed under the head of Property, Plant and Equipment and investment property in the financial statements are held in the name of the Company except following property which is pending for registration on accountof govemment procedures:

Description of Property	Gross Carrying Value	Held in Name of	Whether promoter, director or their relative or employee	Period held	Reason for not being held in name of company
Land at Vil. Bhadawal Khasra No.211	1,336.68 Lakhs	Mr. H Krishnamurthy	Ex - Director	31 Years	Originally, agricultural land admeasuring 26.08 acres was purchased in the
Land at Vil. Bhadawal Khasra No.2188225	136.76 Lakhs	Mr. SureshV Chaturvedi	Promoter Director	31 Years	&f7ie W FE name of Mr. BUERE Suresh Chatureedy and Me. . Krishnamurthy, naturved: and to comply Mr. H.
Land at Vil. Bhadawal Khasra No.224	1332.30 Lakhs	Mr. MaheshV Chaturvedi	Relative of Promoter Director	31 Years	with the then existing law of land, to start the busi- ness. The Company have applied at appropriate authority to change the land possession in the name of the Company, which is under procedure.

Vi) Inrespect of Statutory Dues:

(a) The amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including provident fund, employees state insurance, income-tax, Goods and Service Tax, duty of custom, service tax, cess and other material statutory dues have been generally regularly deposited during the year by the Company with the appropriate authorities.

There are no undisputed amounts payable in respect of aforesaid statutory dues which were in arrears as at 31st March, 2025 fora period of more than six months from the date they became payable

(b) According tothe information and explanation givento us, the statutory dues that has not been deposited by the company on account of disputes are as follow:

Name of Statue	Nature of dues/ taxes.	Amount demanded	Amount paid/ refund adjusted	Financial year to which relate	Forum where dispute is pending
		(Rs in lakh)	(Rs. In lakh)
EPF Act	Demurrage	20.08	-	1995-96 2003-04	Allahabad High Court
Income TaxAct	Demand u/s 143(1)	39.07	-	2022-23	CIT (A) - 54, Mumbai

(e) No proceedings have been initiated during the year or are pending against the Company as at 31st March, 2025 under the Benami Transactions (Prohibition)Act, 1988, as amended, and rules made thereunder.

i) According to the information and explanations given to us and on the basis of our examination of the records of the company:

(a) Physical verification of inventory was conducted by the management and no material discrepancies were noticed.

(b) The company has not been sanctioned working capital limits in excess of five crore rupees, and there is no any requirement of filing of quarterly retums and statementswith banks and financial institutions therefore the clause(ii)(b) of the order is not applicable.

iii) The company has made investments in, provided guarantee or security and granted loans and advances in the nature of interest freefinterest bound unsecured loans repayable on demands with no schedule repayment date stipulated to companies, firms, related parties and other parties outofits own free reserves and surpluses. (a) (A) The Company nothave subsidiary or associate hence reporting under clause 3(iii)(a)(A) is notapplicable.

R The Company has not provided loans to related parties during the year however balance outstanding of Rs. 279.61 Lakhs at the balance sheetdate in respect of loansto related parties provided in earlier years.

(b According to management of the company investments made, guarantees provided, security given and interest free on demand loans granted to related and other parties are prima facie not prejudicialto the company.

(c Loans and advances, in nature of loans being repayable on demand o without specifying any period or period of repayment, granted by the companyto related and other parties have no overdue amount outstanding as at the balance sheet date.

(d There is no overdue amountin respect of loans granted to such parties.

(e) Noloan, mentioned herein above, has been renewed or extended or fresh loanswere granted to settle the overdue of existing loans given earlierto the same parties.

(f) Interest free loans aggregating to Rs 279.61 Lakhs, equivalent to 99.99% of loans and advances has been provided to related parties as defined in section 2(76) of the Act being repayable on demand or without specifying any terms or period of repayment. iv) The Company has complied with the provisions of Sections 185 and 186 of the Act in respect of grant of loans and making investments, as applicable. The Company has not provided any guarantees and securities. v) The company has not accepted any deposit from public or amounts which are deemed to be deposits within the meaning of provisions of sections 73to 76 or any other relevant provisions of the Act and the rules framed there under. Therefore, the clause (v) ofthe Order is notapplicabletothe Company. i) Maintenance of cost records under Section 148(1) of the Act as prescribed by the Central Govemment is not applicable to the Company as the Company is et to start commercial production. viii) The company has no transactions representing unrecorded income which have been surrendered or disclosed as income during the yearinthe tax assessments under the Income TaxAct, 1961.

ix)

(a) Due to non-commencement of commercial operations for more than a decade causing non-servicing of its debts, the Company has defaulted on the dues of State Bank of India (NCD of Rs. 1,500 Lakhs), Canara Bank (NCD of Rs. 1,472.21 Lakhs) & PICUP (Loan of Rs. 1,937.86 Lakhs)for aggregate amount of Rs. 4,910.07 Lakhs. Company is in negotiationsfor settlement of their dues. (b) The company has notbeen declared wilful defaulter by any bank or financial institution or govemment or government authority.

() Duringthe yearthe Company has not obtained long term loans from bank and financial institutions. Accordingly, clause 3(ix)c ofthe Orderis notapplicable. (d) Fundsraisedon shorttermbasis, have not been utilized forlong term purposes by the company. (e) The company not have any subsidiary or associates; accordingly, clause 3(ix)(e) & 3(ix)(f) of the Order is notapplicable.

X)(;) The company has not raised moneys by way of al public offer or further public offer (including debt instruments).Accordingly, clause 3(x)(a) of the Order is notapplicable (R, The Company has notmade any preferential allotment or private placement of shares orfully or partly convertible debentures during the year. Accordingly, clause 3(x)(b) of the Orderis not applicable.

xi) (a) Nomaterial fraud by the company or on the company has been noticed o reported during the year.

(b) No report under sub-section (12) of section 143 of the Act has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Auditand Auditors) Rules, 2014 with the Central Govemment.

() Asrepresented tous bythe management, the company has not received any whistle-blower complaint during the year. xii) The company s nota Nidhi company and hence reporting under clause (xii) of the orderis not applicable.

xiii) All the transactions with the related parties are in compliance with sections 177 and 188 of Act, where applicable, and the details have been disclosed in the Financial Statements as required by the applicable accounting standards.

xiv) (a) Thecompany has adequate intemal audit system commensuratewith the size and nature of ts business. (b) We have considered the internal audit reports of the year under audit, issued tothe company during the year till date. xv) The company has not entered into any non-cash transactions with directors or persons connected with its directors and hence provisions of section 192 ofthe CompaniesAct, 2013 are notapplicableto the Company. xvi) The company is not required to be registered under section 45-1A of the Reserve Bank of IndiaAct, 1934 Hence, reporting under clause 3 (xvi)a), (b). (c)and (d) ofthe orderis not applicable. xvii) The company, has not incurred cash losses during the financial year however cash loss of Rs. 47.19 Lakhs in the immediately preceding financial year. xvili) The statutory auditors of the company has not resigned during the year. Accordingly, clause 3(xviii) of the Order is notapplicable. xix) Based on the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, nothing has come to our attention, which caused us to believe that company is not capable of meeting its liabilities existing at the date of balance sheetas and when they fall due within a period of one year from the balance sheet date. We neither give any guarantee nor 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. xx) There are no requirement to spent amount towards Corporate Social Respons Accordingly, reporting under clause 3(xx)(a) & 3(xx)(b) of the order are notapplicable. ^{y (CSR) uls 135 of the companies Act, 2013.}

ForB.M.CHATURVEDI & Co.

Chartered Accountants

ICAIFRN: 114317W

Kartik Agrawal

Partner

ICAI MN. 463529

UDIN: 25463529BMOPJM9689

Date: 27th May, 2025

Place: Mumbai

ANNEXURE “B” TOTHE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 2(f) under Report on Other Legal and Regulatory Requirements section of our report to the members of SVC Industries Limited for the year ended 31st March, 2025)

Report on the Internal Financial Controls with reference to Financial Statements under Clause(i) of Sub-section 3 of Section 143 ofthe CompaniesAct, 2013 (“the Act”)

We have audited the Internal Financial Controls with reference to financial statements of SVC Industries Limited (the ‘Company”) as at31st March, 2025 in conjunction with our audit of the financial statements of the Companyfor the yearended on that date. Managements Respon: ity for Internal Financial Controls

The Companys Management is responsible for establishing and maintaining intemal financial controls with reference to financial statements based on “the internal control over financial reporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India” (the “Guidance Note"). These responsibilities include the design, implementation and maintenance of adequate internal financial controls with reference to financial statements thatwere operating effectively forensuring 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 undertheAct. Auditors Responsibility

Our responsibility is to express an opinion on the Companys intemal financial controls with reference to financial statements of the Company based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing prescribed under Section 143(10) of the Act, to the extent applicable to an audit of intemal financial controls with reference to the financial statements. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the auditto obtain reasonable assurance about whether adequate intenal financial controls with reference to financial statements 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 with reference to financial statements and their operating effectiveness. Our audit of internal financial controls with reference to financial statements included obtaining an understanding of intemal financial controls with reference to financial statements, 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 judgement, 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 Companys internal financial controls systemwith reference to financial statements. Meaning of Internal Financial Controls with reference to Financial Statements

A companys intemal financial control with reference to financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control with reference to financial statements 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 pemit 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 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 companys assets that could have a material effecton the financial statements.

Inherent Limitations of Internal Financial Controls with referenceto Financial Statements

Because of the inherent limitations of intemal financial controls with reference to financial statements, 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 intemal financial controls with reference to financial statementsto future periods are subjectto the risk that the intemal financial control with reference to financial statements may become inadequate because of changes in conditions, or that the degree of compliancewith the policies or procedures may deteriorate.

Opi ion

In ouropinion, to the best of our information and according to the explanations given to us, the Company has, inall material respects, an adequate internal financial controls system with reference to financial statements and such internal financial controls with reference to financial statements were operating effectively as at 31st March, 2025, based on the criteria for internal financial control over financial reporting established by the Company considering the essential components of internal control stated in the Guidance Note on Intemal Financial Controls Over Financial Reporting issued by the Institute of Chartered accountants of India.

For B.M.CHATURVEDI & Co.

Chartered Accountants

ICAIFRN: 114317W

Kartik Agrawal

Partner ICAIMN. 463529

UDIN: 25463529BMOPJM9689

Date: 27" May, 2025

Place: Mumbai