Tai Industries Ltd Auditor Reports

TO THE MEMBERS OF

TAI INDUSTRIES LIMITED

Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying financial statements of TAI INDUSTRIES LIMITED (the "Company"), which comprise the Balance Sheet as at March 31, 2024, the Statement of Profit 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 a summary of material accounng policy informaon and other explanatory informaon (hereina er referred to as the " financial statements").

In our opinion and to the best of our informaon and according to the explanaons given to us,the aforesaid financial statements give the informaon 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 Accounng Standards prescribed under secon 133 of the Act read with the Companies (Indian Accounng Standards) Rules, 2015, as amended, ("Ind AS") and other accounng principles generally accepted in India, of the state of a airs of the Company as at March 31, 2024 and its profit, total comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auding ("SA"s) specified under secon 143(10) of the Act. Our responsibilies under those Standards are further described in the Auditors Responsibilies for the Audit of the Financial Statements secon of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Instute of Chartered Accountants of India ("ICAI") together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilies in accordance with these requirements and the ICAIs Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

Emphasis of Ma er

We draw a enon to Note 36of the financial statements where it is menoned that reconciliaon of deferred tax assets and liabilities is under process and necessary adjustment, if any, will be given effect to as and when determined.

Our opinion is not modified in respect of the above ma er.

Key Audit Ma ers

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

Key Audit Ma ers Advances	Auditors Response Principal audit procedures adopted
Advances	Principal audit procedures adopted
Other Non Current Financial Assets in Note 6 of the financial statements include Other Advances which include advances given to certain enties aggrega ng Rs 213.77 Lacs as on repor ng date which are lying unadjusted in the books for more than 3 years. The chances of recoverability of these balances seem to be remote. The management should consider for quanfying the expected credit loss allowances in the nancial statements for each of the advances given.Furthermore, the expectaon that these balances are to be adjusted within one year from the reporng date is unfounded and accordingly based on past trends the balances have been classi ed as non-current.	We have observed from the system derived ledger abstracts the past trends and have found that the balances are accumula ng over the years instead of ge ng adjusted, excepng in one account where the year-end balance has reduced, though such adjustments during the year are found not much significant compared to balances accumulated over the past period.
	We have also sought for external confirmaon of these balances and requested the management to explain the reason for which these balances are lying unadjusted for such a long me in the books of account of the Company.
Advances sub judice	We have enquired about the progress of the legal proceedings iniated against the KMDA which is presently pending disposal before the Calcua High Court as we observe almost no movement in the balance over the years
Advances recoverable include Rs 742.37 Lacs on account of Tai Projects Private Limited, incorporated with an object of seng up a Family Entertainment Complex at Nonadanga in Eastern Metropolitan Bypass, Kolkata in pursuance of a decision to make investment in the said company. The said advance is lying stac against which a credit balance Rs.360.95 Lacs exists in the books with very slow movement recorded over the decades. The Company is yet to obtain physical possession of the complex and had ini ated legal proceedings against KMDA which is presently pending disposal before the Calcua High Court as disclosed in Note 35.2 to the Financial Statements Possibilies of realizaon of the said balance presently appear to be remote as the ma er is pending in the Courts of Law for more than two decades and with the passage of me the queson of recoverability of this material debit balance in the books is quite uncertain

Informaon Other than the Financial Statements and Auditors Report Thereon

The Companys Board of Directors is responsible for the other informaon. The other informaon comprises the informaon included in the Management Discussion and Analysis, Boards Report including Annexures to Boards Report, Business Responsibility Report, Corporate Governance and Shareholders Informaon, but does not include the financial statements and our auditors report thereon. Our opinion on the financial statements does not cover the other informaon and we do not express any form of assurance conclusion thereon. In connecon with our audit of the financial statements, our responsibility is to read the other informaon and, in doing so, consider whether the other informaon is materially inconsistent with the financial 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 of this other informaon, we are required to report that fact. We have nothing to report in this regard. .

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

The Companys Board of Directors is responsible for the ma ers stated in secon 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparaon of these financial statements that give a true and fair view of the financial posion, financial performance, including other comprehensive income, changes in equity and cash flows of the Company in accordance with the accounng principles generally accepted in India, including the Indian Accounng Standards (Ind AS) specified under secon 133 of the Act. This responsibility also includes maintenance of adequate accounng records in accordance with the provisions of the Act for safeguarding the assets of the Company and for prevenng and detecng frauds and other irregularies; selecon and applicaon of appropriate accounng policies; making judgments and esmates that are reasonable and prudent; and design, implementa on and maintenance of adequate internal financial controls, that were operang e ecvely for ensuring the accuracy and completentiess of the accounng records, relevant to the preparaon and presentaon of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Companys ability to connue as a going concern, disclosing, as applicable, ma ers related to going concern and using the going concern basis of accounng unless management either intends to liquidate the Company or to cease operaons, or has no realisc alternave but to do so. The Board of Directors is also responsible for overseeing the Companys financial reporng process.

Auditors Responsibilities for the Audit of the Financial Statements

Our objecves 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 influence the economic decisions of 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 skepcism throughout the audit. We also:

We also:

* Idenfy and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecng a material misstatement resulng from fraud is higher than for one resulng from error, as fraud may involve collusion, forgery, intenonal omissions, misrepresentaons, or the override of internal control.

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

* Evaluate the appropriatentiess of accounng policies used and the reasonablentiess of accounng esmates and related disclosures made by the management.

* Conclude on the appropriatentiess of managements use of the going concern basis of accounng and, based on the audit evidence obtained, whether a material uncertainty exists related to events or condions that may cast significant doubt on the Companys ability to connue as a going concern. If we conclude that a material uncertainty exists, we are required to draw a enon in our auditors report to the related disclosures in the financial 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 condions may cause the Company to cease to connue as a going concern

* Evaluate the overall presentaon, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transacons and events in a manner that achieves fair presentaon. Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be in uenced. We consider quanta ve materiality and qualita ve factors in

(i) planning the scope of our audit work and in evaluang the results of our work; and

(ii) to evaluate the effect of any identified misstatements in the financial statements. We communicate with those charged with governance regarding, among other ma ers, the planned scope and ming of the audit and significant audit ndings, including any significant deficiencies in internal control that we idenfy 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 relaonships and other ma ers that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the ma ers communicated with those charged with governance, we determine those ma ers that were of most significance in the audit of the financial statements of the current period and are therefore the key audit ma ers. We describe these ma ers in our auditors report unless law or regulaon precludes public disclosure about the ma er or when, in extremely rare circumstances, we determine that a ma er 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 communicaon.

Report on Other Legal and Regulatory Requirements

1. As required by Secon 143(3) of the Act, based on our audit we report that:

a) We have sought and obtained all the informaon and explana ons 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 examinaon of those books.

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

d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Secon 133 of the Act.

e) On the basis of the wrien representa ons received from the directors as on March 31, 2023 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2023 from being appointed as a director in terms of Secon 164(2) of the Act.

f) With respect to the adequacy of the internal financial controls over financial reporng of the Company and the operang e ecventiess of such controls, refer to our separate Report in "Annexure A". Our report expresses an unmodi ed opinion on the adequacy and operang e ecventiess of the Companys internal financial controls over financial reporng.

g) With respect to the other ma ers to be included in the Auditors Report in accordance with the requirements of secon 197(16) of the Act, as amended: In our opinion and to the best of our informaon and according to the explanaons given to us, the remuneraon paid by the Company to its directors during the year is in accordance with the provisions of secon 197 of the Act.

h) With respect to the other ma ers 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 informaon and according to the explanaons given to us:

i. The Company has disclosed the impact of pending liga ons on its financial posion in its financial statements.

ii. The Company has no material foreseeable losses, if any, on long-term contracts including derivave contracts.

iii. There are no amounts required to be transferred, to the Investor Educaon and Protecon Fund by the Company.

iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or enty, including foreign en ty ("Intermediaries"), with the understanding, whether recorded in wring or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or enties identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or enty, including foreign en ty ("Funding Pares"), with the understanding, whether recorded in wring or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or en es identified in any manner whatsoever by or on behalf of the Funding Party ("Ul mate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our noce that has caused us to believe that the representaonsunder sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any materialmisstatement.

v. There has been no declaraon of dividend by the Company during the year.

vi. Based on our examinaon, which included test checks, the Company has used accounng soware for maintaining its books of account for the financial 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 transacons recorded in the soware. Further, during the course of our audit we did not come across any instance of the audit trail feature being tampered with.

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April 1, 2023, reporng under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 on preservaon of audit trail as per the statutory requirements for record retenon is not applicable for the financial year ended March 31, 2024.

2. As required by the Companies (Auditors Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of sub-secon (11) of secon 143 of the Companies Act, 2013, we give in the "Annexure B", a statement on the ma ers specified in paragraphs 3 and 4 of the Order, to the extent applicable.

	For KAMG & ASSOCIATES
	Chartered Accountants
	(Firms Registraon No. 311027E)
	Anjan Sircar
	Partner
Place: Kolkata	(Membership No. 050052)
Date: 28 May, 2024	UDIN: 24050052BKGZSE2438

ANNEXURE "A" TO THE INDEPENDENT AUDITORS REPORT

Referred to in paragraph 1(f) under Report on Other Legal and Regulatory

Requirements secon of our report

To the Members of TAI INDUSTRIES LIMITED of even date

Report on the Internal Financial Controls Over Financial Reporng under Clause (i) of subsecon 3 ofSecon 143 of the Companies Act, 2013 (the "Act")

We have audited the internal financial controls over financial reporng of TAI INDUSTRIES LIMITED (the "Company") as of March 31, 2024 in conjuncon with our audit of the Ind AS financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Management of the Company is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporng criteria established by the Company considering the essenal components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporng issued by the Ins tute of Chartered Accountants of India (the "ICAI"). These r esponsibilies include the design, implementaon and maintenance of adequate internal financial controls that were operang e ecvely for ensuring the orderly and efficient conduct of its business, including adherence to companys policies, the safeguarding of its assets, the prevenon and detecon of frauds and errors, the accuracy and completentiess of the accounng records, and the mely preparaon of reliable financial informaon, as required under the Act.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporng 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 Reporng (the "Guidance Note") issued by the ICAI and the Standards on Auding prescribed under Secon 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporng was established and maintained and if such controls operated e ecvely in all material respects. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporng and their operang e ecventiess. Our audit of internal financial controls over financial reporng included obtaining an understanding of internal financial controls over financial reporng, assessing the risk that a material weakness exists, and tesng and evaluang the design and operang e ecventiess 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 system over financial reporng.

Meaning of Internal Financial Controls over Financial Reporng

A companys internal financial control over financial reporng is a process designed to provide reasonable assurance regarding the reliability of financial reporng and the preparaon of financial statements for external purposes in accordance with generally accepted accounng principles. A companys internal financial control over financial reporng includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transacons and disposions of the assets of the company; (2) provide reasonable assurance that transacons are recorded as necessary to permit preparaon of financial statements in accordance with generally accepted accounng principles, and that receipts and expenditures of the company are being made only in accordance with authorisaons of management and directors of the company; and (3) provide reasonable assurance regarding prevenon or mely detecon of unauthorised acquision, use, or disposion of the companys assets that could have a material effect on the financial statements.

Inherent Limitaons of Internal Financial Controls over Financial Reporng

Because of the inherent limitaons of internal financial controls over financial reporng, 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, projecons of any evaluaon of the internal financial controls over financial reporng to future periods are subject to the risk that the internal financial control over financial reporng may become inadequate because of changes in condions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, to the best of our informaon and according to the explanaons given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporng and such internal financial controls over financial reporng were operang e ecvely as at March 31, 2024, based on the criteria for internal financial control over financial reporng established by the Company considering the essenal components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporng issued by the ICAI.

	For KAMG & ASSOCIATES
	Chartered Accountants
	(Firms Registraon No. 311027E)
	Anjan Sircar
	Partner
Place: Kolkata	(Membership No. 050052)
Date: 28 May, 2024	UDIN: 24050052BKGZSE2438

ANNEXURE B TO THE INDEPENDENT AUDITORS REPORT

Referred to in paragraph 2 under Report on Other Legal and Regulatory Requirements seconof our report to the Members of TAI INDUSTRIES LIMITED of even date)

To the best of our informaon and according to the explanaons provided to us by the Company and the books ofaccount and records examined by us in the normal course of audit, we state that:

i. In respect of the Companys Property, Plant and Equipment and Intangible Assets:

(a) (A) The Company has maintained proper records showing full parculars, including quan ta ve details andsituaon of Property, Plant and Equipment.

(B) The Company has maintained proper records showing full parculars of intangible assets.

(b) The Company has a program of physical veri caon of Property, Plant and Equipment so as 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 were due for veri caon during the year and were physically veri ed by the Management during the year. According to the informaon and explanaons given to us, no material discrepancies were noced on such veri caon.

(c) Based on our examinaon of the property tax receipts on which building is constructed, registered sale deed / transfer deed / conveyance deed provided to us, we report that, the tle deeds of all immovable properes, disclosed in the financial statements included under Property, Plant and Equipment are held in the name of the Company as at the balance sheet date.

(d) According to the informaon and explanaons given to us and on the basis of our examinaon of the records of the Company, the Company has not revalued any of its Property, Plant and Equipment and intangible assets during the year.

(e) As per informaon and explanaons provided to us, no proceedings have been iniated during the year or are pending against the Company as at March 31, 2024 for holding any benami property under the Prohibion of Benami Property Transacons Act, 1988 (as amended in 2016) and rules made thereunder.

ii. (a) The management has conducted physical veri caon of certain inventories at reasonable intervals duringthe year and no material discrepancies were noced on such physical veri caon.

(b) According to the informaon and explanaons given to us and on the basis of our examinaon of the records of the Company, the Company has not been sanconed working capital limits in excess of Rs. 5 crore, in aggregate, at any point of me during the year, from banks or financial instuons on the basis of security of current assets and hence reporng under clause 3(ii)(b) of the Order is not applicable

iii. According to the informaon and explanaons given to us and on the basis of our examinaon of the records of the Company, during the year the Company has not made any investments in, provided any guarantee during the year to companies, rms or limited liability partnerships and other pares.

(a) The Company has provided advances but has neither given guarantee, nor provided security to companies firms, Limited Liability Partnerships or any other enty during the year.

Parculars	Security (Rs. In lacs)	Loan and Advances (Rs.in lacs)
To other pares	5.84	8.05

(b) In our opinion, the terms and condions of the advances and security deposits provided during the year asstated above are, prima facie, not prejudicial to the Companys interest.

(c) In our opinion, the terms and condions of the advances and security deposits provided during the year asstated above are, prima facie, not prejudicial to the Companys interest.

(d) The Company has not granted any loans during the year. Hence, reporng under clause 3(iii)(c) is notapplicable.

(e) The Company has not granted any loans during the year. Hence, reporng under clause 3(iii)(d) is notapplicable.

(f) No loan granted by the Company which has fallen due during the year, has been renewed or extended or fresh loans granted to sele the overdue of exisng loans given to the same pares. Hence, reporng under clause 3(iii)(e) is not applicable.

(g) The Company has not granted any loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment during the year. Hence, reporng under clause 3(iii)(f) is not applicable.

iv. According to the informaon and explanaon given to us, the Company has not granted any loans, made investments and given guarantees or security during the year. Hence, the compliance of the provisions of Secon 185 and 186 of the Act is not applicable to the Company

v. According to the informaon and explanaons given to us, the Company has not accepted any deposit or amounts which are deemed to be deposits, in terms of the direcves issued by the Reserve Bank of India and the provisions of Secons 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under.

vi. The maintenance of cost records has not been specified by the Central Government under subsecon (1) of secon 148 of the Companies Act, 2013 for the business acvies carried out by the Company. Hence, r eporng under clause (vi) of the Order is not applicable to the Company.

vii. In respect of statutory dues:

(a) According to the informaon and explanaons given to us and on the basis of our examinaon of books of accounts, the Company has generally been regular in deposing undisputed statutory dues, including Goods and Services tax, Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, Cess and other material statutory dues applicable to it with the appropriate authories. There were no undisputed amounts payable in respect of Goods and Service tax, Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, Cess and other material statutory dues in arrears as at March 31, 2024 for a period of more than six months from the date they became payable.

(b) There were no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Excise Duty, Customs Duty and Cess ason the last day of the financial year concerned which have not been deposited on account of any dispute.

viii. According to the informaon, representaon and explanaons given to us and on the basis of our examinaon of the records of the Company, the Company has not surrendered or disclosed any transacons, previously unrecorded as income in the books of account, in the tax assessments under the Income Tax Act, 1961 as income during the year.

ix. (a) According to the informaon, representaon and explanaons given to us and on the basis of our examinaon of the records of the Company, the Company has not defaulted in repayment of the loan or other. Hence reporng under clause 3(ix)(a) of the Order is not applicable.

(b) According to the informaon and explanaons given to us and on the basis of our examinaon of the records of the Company, the Company has not been declared wilful defaulter by any bank or financial instuon or government or any government authority. (c) According to the informaon and explanaons given to us and on the basis of our examinaon of the records of the Company, the Company has not taken any term loan during the year and hence, reporng under clause 3(ix)(c) of the Order is not applicable.

(d) According to the informaon and explanaons given to us and on the basis of our examinaon of the records of the Company, no funds raised on short-term basis have been used for long-term purposes by the Company.

(e) According to the informaon and explanaons given to us and on the basis of our examinaon of the records of the Company, the Company does not have any subsidiary, joint venture or associate company. Therefore, clause (ix) (e) of paragraph 3 of the Order is not applicable to the Company.

(f) According to the informaon and explanaons given to us and on the basis of our examinaon of the records of the Company, the Company does not have any subsidiary, joint venture or associate company. Therefore, clause (ix) (f) of paragraph 3 of the Order is not applicable to the Company.

x. (a) According to the informaon and explana ons given to us, the Company has not raised moneys by way of inial public offer or further public offer (including debt instruments) during the year and hence r eporng under clause 3(x)(a) of the Order is not applicable.

(b) During the year, the Company has not made any preferenal allotment or private placement of shares or converble debentures (fully or partly or oponally) and hence reporng under clause 3(x)(b) of the Order is not applicable.

xi. (a) To the best of our knowledge and according to the informaon, representaon and explanaons given to us, no fraud by the Company and no material fraud on the Company has been noced or reported during the year.

(b) According to the informaon and explanaons given to us, no report under sub-secon (12) of secon 143 of the Companies Act has been led in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and upto the date of this report. (c) According to the informaon, representaon and explanaons given to us and on the basis of our examinaon of the records of the Company, no cases were received by the Company under the Whistle Blower Policy of the Company.

xii. The Company is not a Nidhi Company and hence reporng under clause (xii) of the Order is not applicable. xiii. In our opinion, the Company is in compliance with Secon 177 and 188 of the Companies Act, 2013 with respect to applicable transacons with the related pares and the details of related party transacons have been disclosed in the financial statements as required by the applicable accounng standards.

xiv. (a) In our opinion the Company has an adequate internal audit system commensurate with the size and the nature of its business. (b) We have considered, the internal audit reports for the year under audit, issued to the Company during the year and ll date, in determining the nature, ming and extent of our audit procedures.

xv. According to the informaon and explanaons given to us, during the year the Company has not entered into any non-cash transacons with its Directors or persons connected with its directors and hence provisions of secon 192 of the Companies Act, 2013 are not applicable to the Company.

xvi. (a) In our opinion, the Company is not required to be registered under secon 45-IA of the Reserve Bank of IndiaAct, 1934. Hence, reporng under clause 3(xvi)(a) and (b) of the Order are not applicable.

(b) In our opinion, the Company is not a Core Investment Company and there is no core investment company within the Group (as defined in the Core Investment Companies (Reserve Bank) Direcons, 2016) and accordingly reporng under clause 3(xvi)(d) of the Order is not applicable.

xvii. According to the informaon and explanaons given to us, the Company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

xviii. There has been no resignaon of the statutory auditors of the Company during the year. xix. According to the informaon and explanaons given to us and on the basis of the financial raos, ageing and expected dates of realisaon of financial assets and payment of financial liabilities, other informaon accompanying the financial statements and our knowledge of the Board of Directors and Management plans and based on our examinaon of the evidence supporng the assumpons, nothing has come to our a enon, which causes us to believe that any material uncertainty exists as on the date of the audit report indicang that Company is not capable of meeng its liabilities exisng at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporng is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.

xx. (a) & (b) The Company has spent a sum of Rs. 4.25 lacs against the CSR obligaon of Rs. 4.20 lacs during the year, hence the ma ers in respect of transfer of unspent amount to the Fund specified in Schedule III to the Companies Act2013 does not arise

	For KAMG & ASSOCIATES
	Chartered Accountants
	(Firms Registraon No. 311027E)
	Anjan Sircar
	Partner
Place: Kolkata	(Membership No. 050052)
Date: 28 May, 2024	UDIN: 24050052BKGZSE2438