Swati Projects Ltd Auditor Reports

To llu- Members of M/s Swati Project!! Limited

Report on Ihe Audit of the Standalone Financial Results Opinion

Wt Itnvc audited the accompanying standalone financial result of Ms Swatl Projects Limited ( the Company ), ,0 r ,lie quarter and year ended March * I .025 (hereinafter referred to as the the standalone financial results >. attached herewith .being submitted by the Company pursuant to Regulation 33 of the Securities and Exchange Hoard of India (Listing Obligation and Disclosure Requirements) Regulations . 2015.ns amended from rime to time (hereinafter referred tons the Listing Regulation) Ihe standalone financial result have been initialed by us for the purpose of identification,

In om opinion and to the best of our information and according to the explanations given to us. these standalone financial result;

a) are presented in accordance will) the requirements of Regulation 3 of the Listing Regulations m this regard: and

l>> give true ami fair view in conformity with recognition and measurement principles laid down in the applicable Indian Accounting Standards find As) and other accounting principles generally accepted in India, ot net piulit tor the year ended March 31. 2025 and other comprehensive income and other financial information of the Company for the year ended on that date

Basis for opinion

We conducted our audit in accordance vv ith the Standards on Auditing (hereinafter referred to as *SAs) notified under section 1-0(1 i))ot the < ompanics Act. 2013 as amended front time to time (hereinnftcr referred to as the Aci) Our responsibilities under those S V. are further described in the Auditors Responsibilities for the Audit oftlic standalone financial Results section of our report. We arc independent of the Company in accordance w uli the code of Ethics issued by the Institute of Chartered Accountants of India (hereinafter referred to as the U. Al i together with the ethical requirements that arc relevant to our audit of the standalone financial results under the pros isicuis of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance \\ ith these requirements and the Code .if Ethics. We believe that the audit evidence obtained by ii% is sufficient and appropriate to provide a basis for our opinion on the standalone financial results

Key Audit Matters

Key audit mutters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone Financial Statements of ihe current period I icsc matters were addressed m the context of out uudil of the Standalone Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters We have determined dial there is no the key audit matters to communicated in our report

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Responsibilities of Management unit Those Churned with Governance for the Standalone Financial Results

I hesc standalone financial results have been prepared on the basis of the standalone financial statements. Ihc Companys Board of Directors are responsible for the preparation and presentation of these standalone financial results that give a true and fair v iew of the net profit for the year ended March 31,2025 and other comprehensive income and other financial information of the Company in accordance with recognition and measurement principles laid down in Ind AS notified under section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations.

This responsibility also includes maintenance of adequate records in accordance with the provisions of the Act for safeguarding the assets of live Company and for preventing mid detecting frauds and other irregularities, selection and application of appropriate accounting policies; making judgements and estimates that arc reasonable and prudent: and design, implementation and maintenance of adequate internal financial controls, tluit were operating c flee lively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial results, that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparation the standalone financial results, tltc Board of Directors arc responsible for assessing the ability of the Company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

I hc Board of Directors is responsible for overseeing the financial reporting process of the Company Auditors. Responsibilities for the Audit of the Standalone financial Results

Our objectives are to obtain reasonable assurance about whether the standalone financial results 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 arc considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken based on these standalone financial results.

As part of an audit in accordance with SAs. we exercise professional judgement and maintain professional skepticism throughout the audit We also;

• Identify and assess the risks of material misstatement of the standalone financial results, 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, international omissions, misrepresentations, or the override of internal control

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that arc appropriate in the circumstances. Under Section 143(3X0 of the Act, we are also responsible for expressing an opinion through a separate report on the complete set of standalone financial Statements on whether the company has adequate internal financial controls with reference to standalone financial statements in place and the operating effectiveness of such controls.

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

• Conclude on the appro:>natenc$s of the Board of Directors* 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 ability of the Company to continue as a going concern If we conclude that a material uncertainty exists, we are required in draw attentipn Hi ourauditers report to the related disclosures in

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die standalone fi nautili I results or. if such disclosures are inadequate, to modify our opinion Our conclusions arc based on the audit evidence obtained up to cease to the date of our auditors* report. 1 lowcvcr. 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 results, including the disclosures, and whether the standalone financial results represent the underlying transactions and events in a manner that achieves fair presentation

Materiality is the magnitude of misstatements in the Standalone Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Standalone financial Statements may be influenced. We consider quantitative materiality and qualitative factors (i) in planning the scope of our uudit work and in evaluating the results of our work; and (ii> to evaluate the effect of any identified misstatements in the Standalone Financial Statements.

We communicate with those charged with governance of the Company 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 w ith governance with a statement that we hav e complied with relevant ethical requirements regarding independence, and to communicate with them nil relationships and other matters that may reasonably be thuughi to bear on our independence, and w here applicable, related safeguards

Report on Other l.egal and Regulatory Requirements

As required by the Companies ( Auditor s Report) Older. 2020 ( the Order), issued by the Central Government oflndia in terms of sub-section {11) of section 143 of the Companies Act, 2013, we give in the Annexure A a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

As required by Section 143(3) of the Act. we report that:

(a) W c 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 uudit.

(hi 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 > I he Balance Sheet, the Statement of Profit and I oss. Statement of changes in Equity and the Cash Flow Statement dealt with by this Report agree w ith the books of account

(e) On the hasis of the written represemations received from the directors as on 31st March. 2025 taken on record by the Board of Directors, none of the directors is disqualified ns on 31st March. 2025 from being appointed as a director in terms of Section 164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the Operating effectiveness of such controls, refer to our separate Report in Annexure A.

(g> With respect to the other matters to be included in live Auditor s Report in accordance with the requirements of section 197( 16) of the Act. as amended

In our opinion and to the best of our information mid according to the explanations given lo us. the remuneration paid by the Company to its directors during the year.is in accordance with the Provisions of section 197 of the

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(It) With respect to the otlter matters to be included in the Auditor s Report in accordance with Rule 11 of the Companies (Audit arid Auditors) Rules, 2011 as amended, in our opinion and to the best of our information and according to the explanations given to us:

i The Company docs not have any pending litigations which would impact its financial position

ii. Hie Company did not have any long-term contracts including derivative contracts for which there

were any material foreseeable losses.

iii. fhcrc were no amounts which were required to lx: transferred to the Investor education and Protection Fund by the Company.

Based on out examination, which included test checks, wc report that the Company has used accounting software for maintaining its books of account for the financial year ended 31st March. 2025. which has the feature of recording an audit trail (edit log) facility. The audit trail feature lias been operated throughout the year, including from 22nd May, 2024. in compliance with the requirements of Rule 3( 1) of the Companies (Accounts) Rules. 2014 (as amended).

As required by the Companies (Auditors Report) Order, 2016 ( the Order) issued by the Central Government in terms of Section 143(11) of live Act. we give in * Annexing B a statement on the mutters specified in Paragraphs 3 and 4 of the Order.

for M MODI & ASSOC I VI KS Chartered Accountants FRN: 3I9I4IE

M K Modi Partner

Membership Vo. 054366

udin:-2S054%6£

Place: - Kolkatn Date: - 30.05.2025

Report cm the Internal Financial Controls with reference to Standalone Financial Statements under clause ( i) of sub-section 3 of Section 143 of the Companies Act, 2013 (••the Act)

Wc have audited the internal financial controls with reference to the standalone financial statements of M/s. Swati projects Limited (the Company) as of 31 Match 2025 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date. In our opinion, the Company has. in all material respects, adequate internal financial controls with reference to the standalone financial statements and .such internal financial controls were operating effectively as at 31 March 2025. bused on the internal financial controls with reference to the financial statements criteria established bv 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 (the Guidance Note ).

Management** Responsibility for Internal Financial Controls

The Companys management and the Board of Directors arc responsible for establishing and maintaining internal financial controls based on the internal financial controls with reference to the standalone financial statements criteria established by file Company considering the essential components of internal control stated in the Guidance Note. 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 Companys policies, the safeguarding of its assets, the prevention and detection of frauds and em>rs, the accuracy and completeness of the accounting records, and die timely preparation of reliable financial information, as required under the Companies Act 2011 (hereinafter referred to as the Act ).

Auditors Responsibility

Our responsibility is lo express an opinion on the Companys internal financial controls with reference to the stamlulonc financial statements based on our audit. Wc conducted our audit in accordance with the Guidance Note and the Standards on Auditing, prescribed under section I43( 10) of the Act to the extent applicable to an audit of internal financial conuols with reference to the standalone financial statements. Ihosc Standards and the Guidance Note require that wc comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to the standalone financial statements were established and maintained and whether such controls operated effectively in all material respects. Our audit involves performing procedures to obtain uudit evidence about the adequacy of the interna! financial controls with reference to the standalone financial statements and their operating effectiveness. Our audit of internal financial controls with reference to the standalone financial statements included obtaining an understanding of such internal financial controls, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control

Meaning of Internal Financial Controls with reference to Standalone Financial Statements

A companys internal financial control with reference to Standalone Financial Statements i> a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements tor external purposes in accordance with generally accepted accounting principles A companys internal financial control with reference to Standalone Financial Statements includes those policies and procedures that (I) 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 w ith generally accepted accounting principles, and that receipts and expenditures of the company^ are being made only in accordance with authorisations of management and dipany; and (3) provide reasonable assurance

regarding prevention or timely detection of unauthorised acquisition, use, ot disposition of the company s assets that could have a material effect on tl»c financial statements.

Inherent I.munitions of Internal financial Controls with reference to Standalone financial Statements

Because of the inherent limitations of internal financial controls with reference to Standalone 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 internal financial controls vs ith reference to Standalone Financial Statements to future periods are subject to the risk that the internal financial control w ith reference to Standalone Financial Statements 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 lias, in all material respects, adequate internal financial controls with reference to Standalone Financial Statements and such internal financial controls with reference to Standalone Financial Statements were operating effectively as at 31st March, 2025, based on the criteria for internal financial control with reference to Standalone Financial Statements established hy the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Repotting issued by the Institute of Chartered Accountants of India.

Fur M MODI & ASSOCIATES Chartered Accountants FRN: 31914IE

M K Modi Partner

Membership No. 054366

i- din: -

Place: - Kulkata Date: - 30.05.2025

(Referred to in paragraph 2 under •Report on the Other Legal and Regulatory Requirement section of the our report to the members of the Ms. Swati Projects Limited of even date)

With reference to the Annexure B referred to in the Independent Auditors Report to the members of the company on standalone financial statements for the year ended 31 y March. 2025. we report the following:

(i) The company is maintaining proper records showing full particulars, including quantitative details and situation of Property. Plant and Equipment.

Property. Plant and Equipment have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification and the same have been properly dealt with in the books of account.

The company does not own any immovable properties.

< ii) The Company is in the business of prov iding non-banking financial >erv ices and does not have any physical inventories. Accordingly, reporting under clause 3 (ii) of the order is not applicable to the com puny.

) In our opinion and according to the information and explanations given to us. the company has complied with the provision of Section 185 and 186 of the companies Act, 2013. in respect of loans. Investment, guarantees and security.

tv) The Company has not accepted any deposits from the public and hence the diiective issued by the Reserve Bank of India and live prov isions Section 73 to 76 or any other relevant provisions of the Act and the companies (Acceptance of Deposit) Rules, 2015 with regard to the deposit accepted from the public arc not applicable.

(vii) The maintenance of cost records Iras not been specified by the Central Government under Section I48( 1) of the Companies Act, 2013 for the business activities carried out by the Company. Thus, reporting under Clause 3(vi) of the order is not applicable to the Company.

a. According to the information and explanations given to us. in respect of statutory dues:

b There were no undisputed amounts payable in respect of Income lax and other material statutory dues in arrears as at March 31. 2025for a period of more than six months from the date they became payable.

c. According to the information and explanation given to us. Income lax demand of R$. 32, 44,500- for Asst. Years 2015-16 is being disputed by the company and the Appeals are pending before the Commissioncrof Income fax (Appeal).

(viii) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the company lias not surrendered or disclosed any transactions, previously unrecorded as income in the books of account, in the tax assessments under the Income Tax Act. Id6l as income during the year.

(ix) According to the information and explanations given to us and on the basis of out examination of the records of the Company, the Company has not defaulted in the repayment of loans or borrowings or in the payments of interest thereon to any lender.

l x) According to the information and explanation given to us and on the basis of our examination of the records of the Company, the Company lias not been declared n wilful defaulter by any bank or financial institution or government or government authority.

(xi) In our opinion and according to the information und explanations given to us by the management, the Company has not taken or applied or given to any term loans.

(xii) According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that no funds raised on short term basis have been used for long term purposes by the Company.

(xiiij According to the information and explanation given to us and on an overall examination of the standalone 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, as defined in the Act. The Company does not hold any investment in any associate or joint venture (as defined in the Act) during the year ended 31st March. 2025.

(xiv) According to the inhumation and explanations given to us and procedures performed by us. we report that the Company lias not raised loans during the year on the pledge of securities held in its subsidiaries (as defined under the Act)

(xv) The Company has not taken any loan either from Hanks or financial institutions or from the government and lias not issued any debentures.

(xvi) Based upon the audit procedures performed and the information and explanations given by the management, the Company lias not raised monies by way of initial public offer or further public offer including debt instruments ami term loans. Accordingly, the provision of clause 3 (xvi) of the < )rder are not applicable to the Company and hence not commented upon.

(xvii) According to the information and explanations given to us and on the basis of our examination of the records of the l ompaitv. tile Company has not issued preferential allotment or private placement during the year. Accordingly, clause 3 (xvii) is not applicable

(xviii) Based upon the audit procedures performed rind the information and explanations given by the management, we report that no fraud by the Company or on the company by its officers or employees has been noticed or reported during the year.

(xix) According to the information and explanations given to us. no report under sub-section (12) of Section 143 of the Act has been filed by the auditors in Form ADT-4 as prescribd under Rule 13 of Companies (Audit and Auditors) Rule. 2014 with the Central Government.

(xx) According to the information and explanations given to us. the managerial remuneration lias been

paid or provided in accordance with the requisite mandate by the provisions of Section 107 read with Schedule V of the Companies Act. 20 13.

(xxi) la our Opinion, the Company is not a Nidhi company. Therefore, the provision of clause 3 (xxi) of the Order arc not applicable to the Company.

(xxii) In our opinion, all transactions with the related parties are in compliance w ill) sections 17? and ! 88 of the Companies \ct. 2013 and the details have been disclosed in the Standalone Financial Statement-, as required by the applicable accounting standards.

(xxiii) According to the information and explanations given by the management, the Company lias not entered into any non-cash transactions with directors or persons connected with him Accordingly, the provisions of clause 3 (xxiii) of the Order are not applicable to the Company and hence not commented upon

(xxiv) Ihc Company lias been already registered under Section -15 IA of the Reserve Bank of India Act, 1934.

(xxv) I hc Company has not incurred cash losses in the current and in the immediately preceding financial

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(xxvi) I here is no any resignation as Statutory Auditors during the year. Accordingly, clause 3 (xxvi) of the Order is not applicable.

(xxvii) According to the information and explanations given to us and on the basis of the financial ratios, ageing and expected dates of realisation of financial assets and payment of financial liabilities other information accompanying the standalone financial statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which cause us to believe that any material uncertainty exists ns on the date of the audit report that the Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet dale. We, however, state that this is not an assurance as to the future viability of the Company We ftntlier state that our reporting is based on the facts up to the date of the audit report and we neither give tiny 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

(xxviii) in our opinion and according to the information and explanations given to us, the provisions of Section 135 of the Act read with the Companies (Corporate Social Responsibility Policy) Rules, 2014. the Corporate Social Responsibility (CSR) is not applicable to the Company.

For M MODI & ASSOCIATES

M K Modi Partner

Membership No. 054366

Chartered Accountants KKV 3I M4I I

LDIN: •

Place: - Kolkatn Date: • 30.05.2025

SWAT! PROJECTS LIMITED CIN: L65993WB1983PLC036332 I. ABDUL HAMID STREET, ONE BIS BUILDING. 4THFL00R. ROOM NO. 407, INCOME TAX BUILDING. KOLKATA 700069