Thacker & Company Ltd Auditor Reports

ToThe Members of

THACKER AND COMPANY LIMITED

Report on the Audit of the IND AS Standalone Financial Statements

1. We have audited the accompanying Ind AS standalone financia! statements of Thacker And Company Limited ("the Company"), which comprise the Balance Sheet as at 31^sl March, 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 then ended, and notes to the standalone financial statements, including a summary of significant accounting policies and other explanatory Information (hereinafter referred to as "the standalonefinancial statements")

2. In our opini?n and to the best of our Information and accordlng to the explanation given to us, the aforesaid ind AS standalone financial 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 accounting principies generally accepted in India including the Ind AS, of the State of affairs of the Company as at 31^6t March 2024, and its Profit including comprehensive income, its cash flows and the change in equity for the year ended on that.

Basis for Opini?n

3. We conducted our audit of the Ind AS standalone financial statements in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibiiities under those SAs are further described in the Auditors Responsibiiities for the Audit of the Standalone 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 together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibiiities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opini?n.

Key Audit Matters

4. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements, and in forming our opini?n thereon, and we do not provide a sep?rate opini?n on these matters.

Information other than the Standalone Ind AS Financial Statements and auditors report thereon

5. The Companys management and Board of Directors are responsibleforthe other information.The other information comprises the information included in the Companys annual report but does not inelude the standalone financial statements and our auditors report thereon.

6. Our opini?n on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusi?n thereon.

7. !n connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information ?s materially inconsistent with the standalone financial statements or our knowledge obtained in the 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 information, we are required to report that fact. We have noth?ng to report in this regard.

Managements Responsibility for the Standalone Ind AS Financial Statements

8. The Companys Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respectto the preparation of these standalone Ind AS financial statements, that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principies generally accepted in India, including the Indian Accounting Standards (Ind As) specified under Section 133 of the Act, read with relevant rules issued thereunder. This responsibility also ineludes maintenance of adequate accounting records in accordance with the provisions of the Act; for safeguarding the assets of the Company; for preventing and detecting frauds and other irregularities; selection and application of appropriate implementation and maintenance of accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial Controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentaron of the standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraudor error.

9. In prepartng the financial statements, management is responsible for assessing the Companys abil?ty to continu? 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 liqu?date the Company orto cease operations, orhas no realisticalternative buttodo so.

10. Those Board of Directors are also responsible for overseeing the Companys financial reporting process.

Auditors Responsibility for the Audit of the Standalone Ind AS Standalone Financial Statements

11. Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that ineludes our opini?n. 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 standalone financial statements.

12. 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 financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficlent and approprlate to provlde a basis for our opini?n. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve coliusion, forgery, intentional omissions, misrepresentations, orthe override of interna! control.

? Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(lf the Act, we are also responsible for expressing our opini?n on whether the Company has adequate internal financial Controls wlth reference to standalone financial statements ?n place and the operating effectlveness of such Controls.

* Eval?ate the approprlateness 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 obtalned, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companys ability to continu? as a going concern. If we conclude that a material uncertainty exists, we are requlred to draw attention in our audltors report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opini?n. 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 continu? as a going concern.

• Eval?ate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represen! the underlying transactions and events In a manner that achleves fair presentation.

13. Materiality ?s the magnitude of mlsstatements in the standalone 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 ?nfluenced. We consider quantitat?ve materiality and qualitative factors in (i) plannlng the scope of ouraudltwork and in evaluating the results of our work; and (ii)to eval?ate the effect of any identified misstatements in the financial statements.

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

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

16. From the matters communicated w?th those charged w?th governance, we determine those matters that were of most signiftcance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors report uniess law or regulation preeludes 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 benefits of such communication.

Report on Other Legal and Regulatory Requirements

17. As required by the Companies {Auditors Report) Order, 2020 {the "Order") issued by the Central Government in terms of Section 143{11) of the Act, we give in "Annexure A" a statement on the matters specif ied in paragraphs 3 and 4 of the Order, to the extent applicable.

18. 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 forthe purpose of our audit;

b. In our opini?n, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

c. The Standalone Ind AS Balance sheet, the standalone statement of profit and loss including other comprehensive income, the statement of cash flow and the statement of changes in equity dealt with by this report are in agreement with the books of account.

d. In our opini?n, the aforesaid standalone Ind AS financial statements comply with the Indian Accounting Standards (Ind As) specified under Section 133 of the Act, read with reievant rule issued thereunder.

e. On the basis of the written representations received from the directors as on 31^a1 March, 2024 and taken on record by the Board of Directors, none of the directors is disqualified as on 31^sl March 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 financial Controls over financial reporting of the Company with reference to these standalone financial statements of the Company and the operating effectiveness of such Controls, refer to our sep?rate Report in "Annexure B".

19. With respect to the matter to be included in the Auditors Report under Section 197(16) of the Act: In our opini?n 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 provisionsof section 197 of the Act.

20. 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 opini?n and to the best of our information and according to the explanations given to us:

i) The Company has disclosed the impact of pending litigations as at 31^st March 2024 on its financial positions in its standalone Ind AS financial statements (Refer Note: 27);

ii. The company did no? have any iong-term contracts including derivative contra?is for which there were any material foreseeable losses; and

?ii. There has been no delay in transferring amounts, 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, 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 entity, including foreign entity ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ult?mate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ult?mate 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 entity, including foreign entity ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ult?mate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ult?mate Beneficiaries;

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

v. No dividend has been declared or paid during the year by the Company.

vi. Based on our examination, which included test checks, the Company has used accounting softwares 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 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.

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 financial year ended March 31,2024.

For P R Agarwal & Awasthi

Chartered Accountants

Firm Registration No 117940W

CA Pawan KR Agarwal

Partner

M No-034147

UDIN No.: 24034147BKHBPL8774

Place: Mumbai

Date: 29ttl May-2024

Annexure A to the Ind AS Standalone Independent Auditors Report

The Annexure referred to in Independent Auditors¹ Report to the members of the Company on the Ind AS standalone financial statements for the yearended 31^sl March 2024, we report the followlng:

I. In respect of Property, Plant & Equipment:

a) A) The Company has malntained proper records showing full particulars, including

quantltatlve details and sltuatlon of Property, Plant and Equipment

B) The Company has malntained proper records showing full particulars of Intangible assets.

b) As explained to us, physical verification of these Property, Plant and Equipment ?s being conducted in a phased programme by the management designed to cover all the assets overa period of three to four years, which in our opini?n is reasonable having regard to the size of the Company and the nature of assets. According to the information and explanations given to us no material discrepancies were noticed on such verification.

c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the tifie deeds in respect of all ?mmovable properties (Otherthan immovable properties where the Company ?s the lessee and the lease agreements are duly executed in favor of the Company) are held in the ?ame of the company.

d) The Company has not revalued any of its Property, Plant and Equipment and intangible assets during the year.

e) No proceedlngs have been initiated during the year or are pending against the Company as at March 3T¹, 2024 for holdtng any benami property underthe BenamITransactions (Prohlbition) Act, 1988 (as amended in 2016) and rules tr?ade thereunder.

ii. In respect of Inventories:

a) As explained to us physical verification of ?nventory has been conducted by the management, the coverage and procedure of such verification by the management is appropriate, and discrepancies (which is less than 10% ?n the aggregate foreach class of ?nventory) noticed on such physical verification between physical stocks and book records were not material conslderlng the operations of the Company and the same have been properly dealt with in the booksof account.

b) According to the Information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not been sanctioned any working capital lim?ts in excess of five crore rupees ?n aggregate from banks and financial institutions on the basis of securlty of current assets at any point of time of the year. Accordingly, clause 3(ii)(b) of the Order is not appllcable to the Company.

iii. a) The company has made investment and granted unsecured loans to related parties during or outstanding ?n the year, in respect of which:

iii. A. Based on the audit procedures carried on by us and as per the information and explanations given to us, the Company has not granted any loans or advances and guarantees or security to subsidiarles, joint ventures and associates.

B. Based on the audit procedures carried on by us and as per the information and explanations given to us, the Company has granted loans to parties other than subsidiarles, joint ventures and associates as below:

Particulars	Loans (Amount in Rs.)
Aggregate amount given during the year - Others	Nil
Aggregate amount given during the year - Reiated Party	2,51,00,000
Balance outstanding as at balance sheet date - Others	Nii
Balance outstanding as at balance sheet date - Reiated Party	7,20,00,000

b) The investments made and outstanding at the year-end are, prima facie, not prejudicial to the Companys interest.

c) In respect of the aforesaid loans, the principal amount of the loans along with interest are repayable on demand, and the parties are repaying the principal amounts, as demanded, and are also regular in payment of interest as applicable.

d) In respect of the aforesaid loans, there is no amount which is overdue for more than ninety days.

e) There were no loans which feil due during the year and were renewed/extended. Further, no fresh loans were granted to same parties to settle the existing overdue loans.

f) According to the information and explanations given to us and on the basis of our examinat?on of the records of the Company, in our Opini?n the Company has not granted any loans or advances without specifying any terms or period of repayment to its Promoters, reiated parties as defined in Clause (76) of Section 2 of the Companies Act, 2013 ("the Act").

iv. In our opini?n and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Act, with respect to loans, investments and guarantees made. Henee reporting under clause (v) of the order is not applicable.

v. According to the information and explanations given to us, the Company has not accepted any deposits oramounts which are deemed to be deposits, henee the directives issued by the Reserve Bankof India and the provisions of Sections 73 to 76 or any other relevant provisions of the Companies Act. Further, according to the information and explanations given to us, no order has been passed by the Company Law Board orthe National Company Law Tribunal orthe Reserve Bankof India or any Courtor any other Tribunal.

vi. To the best of our knowledge and according to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under section 148(1) of the Act. In respect of the business activities carried on by the company. Accordingly, the provisions of the clause 3 (vi) of the Order is not applicable to the Company.

vii. In respect of Statutory Dues:

a) According to the records of the Company and the information and explanations given to us, the Company has generaliy been regularly depositing with the appropriate authorities undisputed statutory dues including Goods and Service Tax, Provident Fund, Employees State Insurance, Income tax, Sales-Tax, Service tax, Duty of Customs, Duty of Excise, Valu? added Tax, Cess and any other statutory dues applicable to it. There are no undisputed statutory dues as referred to above as at 31^st March, 2024 outstanding for a period of more than six months from the date they become payable.

b) According to the information and explanation given to us, there are no dues referred to in sub-clause (a) outstanding on account of any dispute.

viii. The Company has not surrendered or disclosed any transaction, previously unrecorded in the books of account, in the tax assessments under the Income Tax Act, 1961 as income during the year. Accordingly, the requirement to report on clause 3(vii?) of the Order is not applicable to the Company.

ix. a) Based on our aud?t procedures and according to the information and explanations given by the

management, the Company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any tender.

b) The Company has not been declared willful defaulter by any bank or financial institution or government or any government authority.

c) The Company has not taken any term loan during the year and there are no unutilized term loans at the beginning of the year and henee, reporting under clause (ix)?of the Order is not applicable.

d) According to the information and explanations given to us, and the procedures performed by us, and on an overall examination of the standalone financial statements of the Company, we report that no funds raised on short-term basis have been used for long-term purposes by the Company.

e) According to the information and explanations 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.

f) According to the information and explanations given to us and procedures performed by us, we report that the Company has not raised loans during the year on the pledge of securities held in its subsidiaries.

x. a) According to information and explanations given to us, the company has not raised moneys during

the year by way of initial public offer or further public offer (including debt instruments), Accordingly, provisions of the clause 3(x)(a) of the Order is not applicable to the Company.

b) According to information and explanations given to us, the company has not made any preferential allotment or pr?vate placement of shares or convertible debentures (fully, partially, or optionally convertible) during the year by way requirements of section 42 and section 62 of the Companies Act, 2013. Accordingly provisions of the clause 3(x)(b) of the Order is not applicable to the Company.

xi. a) During the course of our examination of the books and records of the Company, carried out in

accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of f raud by the Company or on the Company, noticed or reported during the year, ?or have we been informed of any such case by the Management.

b) 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 prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government.

c) According to information and explanations given to us, the company have not received any whistle blower complaints during the year (and upto the date of this report), neither any reported to auditor forconsideration.

xii. In our opini?n and according to Information and explanations provided to us, the Company is not a Nidh? Company. Accordingly, provisions of the clause 3(x??) of the Order is not applicable to the Company.

xiii. In our opini?n and according to the information and explanations given to us, the Company is in compliance with Section 177 and 188 of the Companies Act, 2013 where applicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the standalone financia! statements as required by the applicable accounting standards.

xiv. a) In ouropinion the Company has an adequate internal audit system commensurate with the size and

the nature of its business.

b) We have considered the ?nternal audit reports of the Company for the period under audit.

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 under section 192 of the Companies Act. Accordingly, the provisions of clause 3 (xv) of the Order is not applicable to the Company.

xvi. In our opini?n, and to the best of our information and according to the explanations provided by the management, we are of the opini?n that the company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934 and has not conducted any Non-Banking Financial or Housing Finance activities without a valid Certif?cate of Registration (CoR) from the Reserve Bank of India as per the Reserve Bank of India Act, 1934. Accordingly, the provisions of clause 3 (xvi) (a) to (d) of the Order is not applicable to the Company.

xvii. 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 resignation of the statutory auditors of the Company during the year and accordingly reporting under clause 3(xv?ii) of the order is not applicable to the Company.

xix. 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 financial statements and 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 causes us to believe that any material uncertainty exists as on the date of the audit report indicating that Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from 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 reporting is based on the facts up to the date of the audit report and we ne?ther give any guarantee ?or 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. The provisi?n for contribution towards Corporate Social Responsibility (CSR) u/s 135, of the Companies Act are not applicable to the company henee the provisions of clause 3 (xx) (a) to (b) of the Order is not applicable to the Company.

For P R Agarwal & Awasthi

Chartered Accountants

Firm Registration No 117940W

CA Pawan KR Agarwal

Partner

MNo-034147

UDIN No.: 24034147BKHBPL8774

Place: Mumbai

Date:29,h May-2024

Annexure B to the Standalone IND AS Independent Auditors Report

Independent Auditors report on the Internal Financial Controls with reference to financial

statements and its operative effectiveness under Clause (i) of Sub-section 3 of Section 143 of the

Companies Act, 2013 {"the Act")

1. In conjunction with our audit of the standalone Ind AS financial statements of Thacker And Company Limited ("the Company") as of and for the year ended 31³¹ March, 2024, we have audited the internal financial Controls over financial reporting (I FCoFR) of the company of as of that date.

Managements Responsibility for Infernal Financia) Controls

2. The Companys Board of Directors is responsible for establishing and maintaining internal financial Controls based on the criteria being specified by management.These responsibilities inelude the design, implementation and maintenance of adequate internal financial Controls with reference to financial statements, that were operating effectively for ensuring the orderly and efficient conduct of the companys business, including adherence to companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditors Responsibility

3. Our responsibility is to express an opini?n on the Companys IFCoFR based on our audit. We conducted our audit in accordance with the Standards on Auditing, issued by the Institute of Chartered Accountants of India (ICAI) and deemed to be prescribed under section 143(10) of the Act, to the extent applicable to an audit of IFCoFR, and the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") issued by the (CAI. 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 IFCoFR were established and maintained and if such Controls operated effectively in all material respeets.

4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the IFCoFR and their operating effectiveness. Our audit of IFCoFR included obtaining an understanding of IFCoFR, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opini?n on the Companys I FCoFR.

Meaning of Infernal Financial Controls over Financial Reporting

6. A companys IFCoFR is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principies including the Accounting Standards. A companys IFCoFR ineludes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2)provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted

accounting principies including Accounting Standards, and that receipts and expenditures of the company are being rrtade only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

Inherent Limitations of Infernal Financial Controls over Financial Reporting

7. Because of the inherent limitations of IFCoFR, including the possibility of collusion or ?mproper management override of Controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the IFCoFR to future periods are subject to the risk that IFCoFR may become inadequate because of changes ?n cond?tions, or that the degree of compliance with the policies or procedures may deteri?rate.

Opini?n

8. In our opini?n, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate interna! financial Controls System over financial reporting and such internal financial Controls over financial reporting were operating effectively as at 31^st March, 2024, based on the internal control over financia! reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Interna! Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For P R Agarwal & Awasthi

Chartered Accountants

Firm Registration No 117940W

CA Pawan KR Agarwal

Partner

MNo-034147

UDIN No.:24034147BKHBPL8774

Place: Mumbai

Date: 29,h May 2024