Syncom Formulations (India) Ltd Auditor Reports

TO THE MEMBERS OF SYNCOM FORMULATIONS (INDIA) LIMITED

Opinion

We have audited the accompanying standalone nancial statements of Syncom Formulations (India) Limited ("the Company") which comprises the Balance Sheet as at March 31, 2024, the Statement of Pro t and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date, and summary of signi cant accounting policies and other explanatory information (hereinafter referred to as "the standalone nancial statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone nancial statements give the information required by the Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the act read with the Companies (Indian Accounting Standards) Rules, 2015 as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024, the pro t and total comprehensive income, changes in equity and its cash ows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) speci ed under section 143(10) of the Act (SAs). 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 Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the nancial statements under the provisions of the Act and the Rules made thereunder, and we have ful lled our other ethical responsibilities in accordance with these requirements and the ICAIs Code of Ethics. We believe that the audit evidence we have obtained is suf cient and appropriate to provide a basis for our opinion on the standalone nancial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most signi cance in our audit of the standalone nancial statements of the current period. These matters were addressed in the context of our audit of the standalone nancial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

Key Audit Matter	Auditors Response
1. Valuation, Accuracy, Completeness and disclosures pertaining to Inventories with reference to Ind AS	Our audit approach consisted testing of the design and operating effectiveness of the internal controls and substantive testing is as follows:
	a) We have assessed the Companys process regarding Maintenance of records, Valuation and accounting of transactions relating to Inventory as per the Indian Accounting Standard 2.
2. Inventories constitutes material component of nancial statement. Correctness, completeness and valuation are critical for re ecting true and fair nancial results of operations.
	b) We have evaluated the design of Internal Controls relating to recording and valuation of Inventory.
	c) We have veri ed the compliance with the standard norms relating to production as framed and timely updated by the management.

Information Other than the Financial Statements and Auditors Report Thereon

The Companys Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis, Boards Report including Annexures to Boards Report, Business Responsibility Report, Corporate Governance and Shareholders Information, but does not include the standalone nancial statements and our auditors report thereon. Our opinion on the standalone nancial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the standalone nancial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone nancial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement in the other information, we are required to report that fact. We have nothing to report in this regard.

Managements Responsibility for the Standalone Financial Statements

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these nancial statements that give a true and fair view of the nancial position, nancial performance, total comprehensive income, changes in equity and cash ows 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 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 controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the nancial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the nancial statements, management is responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the companys nancial reporting process.

Auditors Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the

nancial 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 in uence the economic decisions of users taken on the basis of these nancial statements.

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

Identify and assess the risks of material misstatement of the standalone nancial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is suf cient 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 omission, misrepresentations, or the override of internal control.

Obtain an understanding of internal nancial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal nancial controls system 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 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 signi cant 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 auditors report to the related disclosures in the standalone nancial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the standalone nancial statements, including the disclosures, and whether the standalone nancial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone nancial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the nancial statements may be in uenced. 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 (ii) to evaluate the effect of any identi ed misstatements in the nancial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and signi cant audit ndings, including any signi cant de ciencies in internal control that we identify during our audit.

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

From the matters communicated with those charged with governance, we determine those matters that were of most signi cance in the audit of the standalone nancial 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 about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest bene ts of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of subsection (11) of section 143 of the Act, we give in the "Annexure B", a statement on the matters speci ed in paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act, we report that: a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. b) In our opinion, proper books of account as required by law have been kept by the Company, so far as it appears from our examination of those books and proper returns are adequate for the purposes of our audit. c) The Balance Sheet, the Statement of Pro t and Loss including Other Comprehensive Income, Statement of Changes in equity and the Statement of Cash Flow dealt with by this Report are in agreement with the books of account. d) In our opinion, the aforesaid nancial statements comply with the Ind AS speci ed under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. e) On the basis of the written representations received from the directors as on March 31, 2024 taken on record by the Board of Directors, none of the directors is disquali ed as on March 31,2024 from being appointed as a director in terms of Section 164 (2) of the Act. f) With respect to the adequacy of the internal nancial controls over nancial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure A". Our report expresses an unmodi ed opinion on the adequacy and operating effectiveness of the Companys internal nancial controls over nancial reporting. g) With respect to the other matters to be included in the Auditors Report in accordance with 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 company to its directors during the year is in accordance with the provisions of section 197 of the Act. h) With respect to the other matters to be included in the 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 the explanations given to us: (i) The Company does have pending litigations material of which are disclosed in sub clause (c) of clause (vii) of the Annexure B, however there is no material impact on its nancial position. (ii) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses. (iii) There has been no delay in transferring amount required to be transferred to the Investor Education and Protection Fund by the Company.

(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 the 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 identi ed in any manner whatsoever by or on behalf of the company ("Ultimate Bene ciaries") or provide any guarantee, security or the like on behalf of the Ultimate Bene ciaries; (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 identi ed in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Bene ciaries") or provide any guarantee, security or the like on behalf of the Ultimate Bene ciaries; and Advertisement (c) Based on such audit procedures that we have considered reasonable and appropriate in the circumstances; nothing has come to our notice that has caused them to believe that the representations under sub-clause (a) and (b) contain any material mis-statement. (v) (a) The nal dividend proposed in the previous year, declared and paid by the Company during the year is in accordance with Section 123 of the Act, as applicable.

(b) No dividend has been proposed during the year by the company.

(vi)Based on our examination, which included test checks, the Company has used accounting software for maintaining its books of account for the nancial year ended March 31, 2024 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 softwares. Further, during the course of our audit we did not come across any instance of the audit trail feature being tampered with after enablement of edit log. As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April 1, 2023, reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per the statutory requirements for record retention is not applicable for the nancial year ended March 31, 2024.

For, Sanjay Mehta & Associates

Chartered Accountants

Firm Regn No. 011524C

Manish Mittal

Partner

M. No. 079452

Place : Indore

Date : 17-05-2024

UDIN : 24079452BJZYVB4131

ANNEXURE"A" TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 1(f) under ‘Report on Other Legal and Regulatory Requirements section of our report to the Members of Syncom Formulations (India) Limited of even date)

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

We have audited the internal nancial controls over nancial reporting of SYNCOM FORMULATIONS (INDIA) LIMITED ("the Company") as of March 31, 2024 in conjunction with our audit of the nancial 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 nancial controls based on the internal control over nancial 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 nancial controls that were operating effectively for ensuring the orderly and ef cient conduct of its business, including adherence to 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 nancial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the internal nancial controls over nancial 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 prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal nancial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal nancial controls over nancial 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 nancial controls system over nancial reporting and their operating effectiveness. Our audit of internal nancial controls over nancial reporting included obtaining an understanding of internal nancial controls over nancial 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 judgement, including the assessment of the risks of material misstatement of the nancial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained, is suf cient and appropriate to provide a basis for our audit opinion on the Companys internal nancial controls system over nancial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A companys internal nancial control over nancial reporting is a process designed to provide reasonable assurance regarding the reliability of nancial reporting and the preparation of nancial statements for external purposes in accordance with generally accepted accounting principles. A companys internal nancial control over nancial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly re ect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of nancial 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 the nancial statements.

Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal nancial controls over nancial 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 nancial controls over nancial reporting to future periods are subject to the risk that the internal nancial control over nancial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal nancial controls system over nancial reporting and such internal nancial controls over nancial reporting were operating effectively as at March 31, 2024, based on the internal control over nancial 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.

For, Sanjay Mehta & Associates

Chartered Accountants

Firm Regn. No. 011524C

Manish Mittal

Partner

M. No. 079452

Place : Indore

Date : 17-05-2024

UDIN : 24079452BJZYVB4131

"ANNEXURE A" TO THE AUDITORS REPORT TO THE MEMBERS OF SYNCOM FORMULATION (INDIA) LIMITED FOR

THE YEAR ENDED 31ST MARCH 2024.

(Referred to in point (1) of our report on Other Legal and Regulatory Requirements of even date)

With reference to the Annexure referred in our report of even date to the members of Syncom Formulation (India) Limited for the year ending 31st March 2024, we report that in our opinion and to the best of our information and explanations furnished to us and the books and records examined by us in the normal course of Audit: (I) (a) (A) The company is maintaining proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment (B) The company is maintaining proper records showing full particulars of intangible assets;

(b) The Company has a program of physical veri cation of Property, Plant and Equipment and right-of-use assets so to cover all the assets once every three years which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the program, certain Property, Plant and Equipment and right-of-use assets were due for veri cation during the year and were physically veri ed by the Management during the year. According to the information and explanations given to us, no material discrepancies were noticed on such veri cation.

(c) Based on the examination of the sale deed / transfer deed / conveyance deed / the property tax receipts and lease agreement for land on which building is constructed, provided to us, we report that, the title deeds, of all immovable properties (other than properties where the company is the lessee and the lease agreements are duly executed in favour of the lessee), disclosed in the nancial statements under Property, Plant and Equipment are held in the name of the Company as at the balance sheet date

(d) The company has not revalued any of its Property, Plant and Equipment (including Right of Use assets) or intangible assets during the year.

(e) To the best of our information and knowledge, no proceedings have been initiated or are pending against the company for holding any benami property under the benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

(ii) (a) The inventories were physically veri ed during the year by the Management at reasonable intervals. The coverage and procedure of such veri cation by the Management is appropriate having regard to the size of the Company and the nature of its operations. No discrepancies of 10% or more in the aggregate for each class of inventories were noticed on such physical veri cation of inventories when compared with books of account.

(b) In our opinion and according to the information and explanations given to us, the working capital limits, sanctioned by the banks or nancial institutions on the basis of security of current assets, to the Company, are in excess of ve crore rupees, in aggregate. The quarterly returns or statements led by the company with such banks or nancial institutions are in agreement with the books of account of the Company.

(iii) (a) The company has not provided loans but have made investments in shares of Vincit Biotech International Pvt. Ltd,

				(Rs. in Lacs)
Nature of the Statue	Nature of Dues	Forum where dispute is pending	Period to which the demand pertains	Amount	Amount paid under protest
The Income Tax Act, 1961	Income Tax	Income Tax Appellate Tribunal, Mumbai District Commissioner	2006-07	45.3	-
MP	Commercial Tax l	Appeal, Sales Tax, Indore District Commissioner	2013-14	1.02	0.26
VAT Act, 2002	CommerciaTax	Appeal, Sales Tax, Indore	2014-15	1.01	0.20
	Commercial Tax	District Commissioner Appeal, Sales Tax,	2015-16	0.13	0.02
Provident Fund Act	Provident Fund	Indore High Court Indore	2005-06	7.55	3.77

Sante Biotech Pvt. Ltd and Synmex Pharma Pvt. Ltd during the previous nancial year of Rs. 1,00,000 in each and have provided advances in the nature of loans during the year. The company has not provided any guarantee nor security to any other entity.

A. The aggregate amount during the year and balance outstanding at the balance sheet date is Nil with respect to advances and guarantees or security to subsidiaries, joint ventures and associates;

B. The aggregate amount advances in the nature of loans were only granted to employees during the year, amounting to Rs. 74.58 (Previous year Rs. 64.61 Lacs), and balance outstanding at the balance sheet date is Rs. 64.93 Lacs (Previous year Rs. 58.63 Lacs).

(b) According to the information and explanation given to us, the company has not given any guarantee nor provided any security, however, the investments made and the terms and conditions of the advances in the nature of loans are not prejudicial to the companys interest.

(c) Repayment is stipulated for the principal amount only and the payment of the interest have not been stipulated. Receipt of the principal amount are regular;

(d) According to the information and explanation given to us, no amount is overdue with respect to the advances in nature of loan granted by the company;

(e) According to the information and explanation given to us,the Company has nor renewed, extended neither fresh loans have been granted to settle the over dues of existing loans given to the same parties;

(f) The company has not granted loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment

(iv) The Company has not provided any loan and guarantee attracting the provisions of Section 185 of the Companies Act, 2013. However, the Company has made investment, and complied the provisions of Section 186 of the Companies Act, 2013.

(v) The Company has not accepted any deposits which are under the purview of the Directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the rules framed thereunder, accordingly the provision of paragraph 3 (v) of the Order is not applicable to the Company.

(vi) The Central Government has prescribed maintenance of cost records under sub section (1) of Section 148 of Companies Act, 2013, in respect of manufacturing activity of the company. We have broadly reviewed the accounts and records of the company in this connection and are of the opinion, that prima facie, the prescribed accounts and records have been made and maintained adequately

(vii)(a) According to the information and explanations given to us and, on the basis of our examination of the records of the Company, amounts deducted / accrued in the books of account in respect of undisputed statutory dues have been generally regularly deposited with the appropriate authorities.

(b) According to the information and explanations given to us, the following dues of taxes, have not been deposited with the appropriate authority by the Company on account of disputes

(viii) According to the information and explanations given to us, no amounts have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961), accordingly the provision of paragraph 3 (viii) of the Order is not applicable to the Company (ix) a. In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to the banks. b. No, the company is not declared willful defaulter by any bank or nancial institution or other lender c. The Company has not availed any new term loan during the year, d. The Company has not availed any new short-term loans during the year hence this clause is not applicable. e. 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. The company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies (x) (a) Based upon the audit procedures performed and the information and explanations given by the management, the company has not raised moneys by way of initial public offer or further public offer including debt instruments.

(b) The Company has issued 15,93,47,820 share warrants on 1:1 basis by the way of preferential allotment at the issue price of Rs. 2.53 per warrant, which are convertible in the equity shares of the Company having face value of Rs. 1 per share. Out of the total share warrants, 15,93,47,820 (PY

8,18,00,820) share warrants have been converted into 15,93,47,820 (PY 8,18,00,820) equity shares of the Company. The fund raised has been fully utilized towards the purpose for which it was raised (Rs. in Crores)

Purpose for which funds raised	Period	Total Amount Raised	Amount utilized for the purpose	Unutilized balance as at Balance sheet date	Rem arks, if any
Expansion of	Upto
Injectable capacity	Current	40.31	7.57	0	-
and modernization	Year
of tablet	upto
department at	Previous	40.31	32.74	7.57	-
Pithampur Unit.	Year

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

(b) No report under sub-section (12) of section 143 of the Companies Act has been led by the auditors in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government

(c) No whistle-blower complaints were received during the year by the company

(xii) In our opinion, the Company is not a Nidhi Company. Therefore, the provisions in respect of Nidhi Company are not applicable to the Company.

(xiii) Based upon the audit procedures performed and the information and explanations given by the management, the related party transactions entered into by the Company are in compliance with the provisions of Section 188 of Companies Act, 2013 and the details have been disclosed in the notes to the Financial Statements.

(xiv) In our opinion, the Company has an adequate internal audit system commensurate with the size and the nature of its business.

We have considered, the internal audit reports for the year under audit and till date, in determining the nature, timing and extent of our audit procedures

(xv) Based upon the audit procedures performed and the information and explanations given by the management, the company has not entered into any non-cash transactions with directors or persons connected with him, accordingly the provision of paragraph 3 (xv) of the Order is not applicable to the Company.

(xvi) (a) In our opinion, the company is not required to be registered under section 45 IA of the Reserve Bank of India Act, 1934.

(b) In our opinion, the company has not conducted any Non-Banking Financial or Housing Finance activities without a valid Certi cate of Registration (COR) from the Reserve Bank of India as per the Reserve Bank of India Act,1934

(c) Based upon the audit procedures performed and the information and explanations given by the management the company is not a Core Investment Company (CIC) as de ned in the regulations made by the Reserve Bank of India;

(d) Based upon the audit procedures performed and the information and explanations given by the management the Group does not have any Core Investment Company as part of the Group;

(xvii) The company has not incurred cash losses in the nancial year and in the immediately preceding nancial year.

(xviii) There has not been any resignation of the statutory auditors during the year;

(xix) On the basis of the nancial ratios, ageing and expected date so frealization of nancial assets and payment of nancial liabilities, other information accompanying the nancial statements, the auditors knowledge of the Board of Directors and management plans, we are of the opinion that no material uncertainty exists as on the date of the audit report, that companyis capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date;

(xx) The Company has fully spent the required amount towards Corporate Social Responsibility (CSR) and there was no CSR amount unspent for the year which was required to be transferred to a special account in compliance with the provision of subsection (6) of Section 135 of the said Act.

(xxi) The reporting under clause (xxi) is not applicable in respect of audit of standalone nancial statements of the Company. Accordingly, no comment has been included in respect of said clause under this report.

For, Sanjay Mehta & Associates

Chartered Accountants

Firm Regn No. 011524C

Manish Mittal

Partner

M. No. 079452

Place : Indore

Date : 17-05-2024

UDIN : 24079452BJZYVB4131