Tiaan Consumer Ltd Auditor Reports

To

The Members ofTiaan Consumer Limited

Report on the audit of the Standalone financial statements

Opinion

We have audited the Standalone financial statements of Tiaan Consumer Limited ("theCompany"), which comprise the balance sheet as at March 31,2024, and the statement ofprofit and loss (including other comprehensive income), the statement of changes inequity and the statement of cash flows for the year then ended, and notes to the financialstatements, including a summary of significant accounting policies and otherexplanatory information.

in our opinion and to the best of our information and according to the explanations givento us, except for the possible effects of the matter described in the Basis for QualifiedOpinion paragraph, the aforesaid standalone financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at 31st March 2024, and its profit/loss Rs. (31,15,611) and its cash flows forthe year ended on that date:

Basis for Qualified opinion

The Company has Capital Work in Progress for Rs75,00,000/- in previous financial yearand they write off the whole Capital Work in Progress of Rs.75,00,000/- during currentfinancial year. However, Company is unable to explain the nature of Capital Work inProgress and also unable to provide any conclusive evidence for this Capital Work inProgress writing of. In the Auditor judgement this write off could be Material but not inPervasive in nature.

The Companys inventories are carried in the Balance sheet as at 31-03-2024Rs.3,42,03,000.

Management has not stated the inventories at the lower of cost and net realizable valuebut has stated them solely at cost (thoroughly management has stated inventories atsame cost since previous year till following current year), which constitute a departure from the Accounting Standard prescribed under section 133of the Companies Act, 2013.

The Companys record indicates that, had management stated the inventories at thelower of cost and net releasable value, however their net releasable value is doubtfulin auditors conviction & it would have been required to write the inventories downto their net releasable value. Accordingly, cost of sales would have been increasedby write down value, and income tax, net income and shareholders fund would havebeen reduced accordingly.

The Company has purchased a share of Prism Security Pvt Ltd. for Rs. 6,00,00,000/-from Victory Software Pvt Ltd on partly payment & partly credit basis, howevermanagement is unable to provide the sufficient audit evidence for purchase of share.Company is unable to provide Purchase agreement of share from Victory Softwareto verify the agreement and their terms & condition to pay the Victory Softwareagainst these share purchase.

Also Company doesnt have any board resolution for the utilization of fund into thisinvest of share or purchase these shares from Victory Software PvL Ltd.

Such kind of Investment and utilization purpose of Investment and managementprerequisites are not found up to ours convition.

We conducted our audit in accordance with the standards on auditing specifiedunder section 143 (10) of the Companies Act, 2013. Our responsibilities under thoseStandards are further described in the auditors responsibilities for the audit of thefinancial statements section of our report We are independent of the Company inaccordance with the code of ethics issued by the Institute of Chartered Accountantsof India together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Act and the rules there under, andwe have fulfilled our other ethical responsibilities in accordance with theserequirements and the code of ethics.

We believe that the audit evidence we have obtained is sufficient and appropriatehowever, there is some audit evidence which is not provided by the management andit could be Material but not Pervasive in nature, provide a basis for our qualifiedopinion.

In our opinion and to the best of our information and according to the explanationsgiven to us, the aforesaid financial statements give the information required by theAct in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of theCompany as at 31st March 2024, its profit/loss statement and its cash flowsstatement for the year ended on that date.

Key audit matters are those matters that, in our professional judgment, were of mostsignificance in our audit of the financial statements of the current period. Thesematters were addressed in the context of our audit of the financial statements as awhole, and informing our opinion thereon, and we do not provide a separate opinionon these matters. In addition to the matter described in the Basis for Opinion sectionwe have determined the matters described below to be the key audit matters to becommunicated in our report.

In context of the Audit of the Financial Statements, it has been noticed that,

1. An order has been given by National Company Law Tribunal, Ahmedabad,Division Bench, Courtl dated 11-10-2023. Order under Section 7IBC in thematter of Mekaster Finlease Ltd (Applicant) V/s Tiaan Consumer Ltd(Respondent).

a. The application is filed on 19-06-2023 by the Applicant- Mekaster FinleaseLtd. (hereinafter referred to as " the Financial Creditor") against theRespondent -M/s Tiaan Consumer Limited (hereinafter referred to as " theCorporate Debtor") under section 7 of the Insolvency and BankruptcyCode,2016(hereinafter referred to as "IBC,2016") read with Rule 4 of theInsolvency and Bankruptcy (Application to Adjudicating Authority) Rules,2016 for initiation of Corporate Insolvency Resolution Process (CIRP) againstthe Respondent/Corporate Debtor, to appoint Interim Resolution Professional(hereinafter referred to as "IRP") and declare the moratorium for makingdefaulted in payment of its outstanding dues Rs. 1,55,31,200/-. Includinginterest

b. It is stated that the rate of interest agreed between the parties was 12% p.a.at the monthly rates and a penal interest of 12% over and above the interestrate for defaulted amount for the defaulted period.

c. It is stated that the Corporate Debtor defaulted in repayment of the loan andloan recall notice was issued on 18/03/2023 by the financial creditor.

d. In view of the facts as stated supra and also in view of the financial debt isproved by the Financial Creditor and the default being committed on the partof the Corporate Debtor of an amount of more than Rs.1 crore, this Tribunalis left with no other option than to proceed with the present case and initiatethe Corporate Insolvency Resolution Process in relation to the CorporateDebtor.

2. Accordingly, in light of the above facts and circumstances, it is, hereby orderas under-

a. The Respondent/Corporate Debtor Tiaan Consumer Limited is admitted inCorporate Insolvency Resolution Process (CIRP) under section 7 of the Code.

b. As a consequence, thereof, moratorium under Section 14 of Insolvency andBankruptcy Code, 2016 is declared for prohibiting all of the following in termsof Section 14(1) of the Code.

• The institution of suits or continuation of pending suits or proceedingsagainst the Corporate Debtor including execution of any judgement,decree or order in any court of law, tribunal, arbitration panel or otherauthority.

• Transferring, encumbering, alienating or disposing of by theCorporate Debtor any of its assets or any legal right or beneficialinterest therein;

• Any action to foreclosure, recover or enforce any security interestcreated by the Corporate Debtor in respect of its property includingany action under the Securitisation and Reconstruction of FinancialAssets and Enforcement of Security Interest Act,2022;

• The recovery of any property by an owner or lessor where suchproperty is occupied by or in the possession of the Corporate Debtor.

• The provision of sub section (1) shall however, not apply to suchtransactions, agreements as may be notified by the CentralGovernment in conclusion with any financial sector regulator and to asurety in a contract of guarantee to a Corporate Debtor.

3. Tiaan Consumer Ltd. is a Manufacturer and Trader of Herbal/AyurvedaProducts however; company doesnt have any Fixed Assets for FY- 2023-24

4. In previous year Audited Financials we have found that Depreciation on FixedAssets not calculated/claimed appropriately depreciation on fixed assets isexcess/short claimed and management is also unable to provide the basis ofproviding such inappropriate depreciation.

Particulars	Gross Block asof31-Mar-2023	DepreciationChargedDuring the Year	Excess/short Depreciation claimed
Building	42,93,031	43,75,830	(82799)
Computer	27,170	16,302	10,868
Furniture & Fixture	85,632	13,701	71,931
Electric Installation	-	-
Total	44,05,833	44,05,833	82,799

5. Company doesnt have new manufacturing or any inward of Raw material formanufacturing and trading during the year.

6. Company doesnt have any new purchase order from any vendor during the year.

7. Company has Closing balance of Rs.80,84,999/- however, Company hasreceived from creditor (Loan or Advance from Vendor) itself is Rs.86,67,625/-which indicates company doesnt have any operational revenue, source offund (bank balance) is amount received from creditor.

8. Company has purchased a security of Prism Security Private Limited forRs.6,00,00,000 from Victory Software Private limited as of 12-05-2023 on credit basis and pay partly amount for Rs.3,54,75,000 to the Victory SoftwarePrivate Limited during the month of August,2023, and remaining amount of2,45,25,000 is still payable to Victory Software Private Limited.

Other Matter Paragraph

Other Matter paragraphs, on the other hand, refer to issues that are not presentedor disclosed in the financial statements but are relevant to the users understandingof the audit, the auditors responsibilities, or the auditors report These paragraphsprovide additional context and clarity, ensuring that users have a holisticunderstanding of the financial reporting and auditing process.

1. The Company do not maintain their books of account in updatedaccounting software.

i4s per The Ministry of Corporate Affairs (Companies Accounts AmendmentRule,2021) mandating that companies using accounting software must chooseplatforms equipped with a feature recording an audit trail for every transaction.The updated audit trail rule in accounting software is implemented fromApril01,2023.

2. Segment Reporting _ Indian Standard

The Institute of Chartered Accountants of India has issued AS-17 on"Segment Reporting" (corresponding international accounting standardbeing IAS-14) effective from 1-4-2001. The standard is mandatory forenterprises whose equity or debt securities are listed on a recognisedstock exchange in India and for enterprises that are in the process ofissuing equity or debt securities that will be listed on a recognised stockexchanging in India. It is also mandatory for enterprises having a turnoverof over Rs.50 crores in an accounting period. For other entities, it isrecommendatory.

Companys business activity falls within two primary/secondarybusiness segment viz Finance Activity and dealing in share andsecurities. However, company do not disclose their segment reporting intheir financials and notes to accounts.

Disclosure requirements of AS-17

According to AS-17, segment reporting should cover 75% or more of the totalrevenue of the enterprise. The segments could be business segment or geographicsegments. The information can also be presented in a matrix form.

Following disclosures should be made by reporting enterprise:

An enterprise should disclose segment revenue for each reportable segmentSegment revenue from sales to external customers and segment revenue fromtransaction with other segments should be separately reported.

An enterprise should disclose segment result for each reportable segment andsegment liabilities for each reportable segment It should also disclose the totalcost incurred during the period to acquire segment assets that are expected to beused during more than one period (fixed assets, and intangible assets) for eachreportable segment

An enterprise should disclose in the segment result the total amount ofdepreciation and amortisation in respect of segment assets for the period for eachreportable segment

For the purpose of reporting segment revenue from transactions with othersegments, inter-segment transfers should be priced. The basis of pricing inter-segment transfers and any change therein should be disclosed in the financialstatements.

Changes in accounting policies adopted for segment reporting that have a materialeffect on segment information should be disclosed. Such disclosure should include adescription of the nature of the change, and the financial effect of the change, if itis reasonably determinable.

An enterprise should indicate the types of products and services included in eachreported business segment and indicate the composition of each reportedgeographical segment, if not otherwise disclosed in the financial statements orelsewhere in the financial report

3. Financial Ratio Disclosure

As per companies Act,2013 every company shall disclose all those ratios whichare prescribed and shall explain the items in numerator and denominator forcomputing the above ratios. Moreover, if any change in the ratio is more than25% as compared to the preceding year then the explanation for the same shallbe provided.

• Current Ratio

• Debt- Equity Ratio

• Debt Service Coverage Ratio

• Return on Equity Ratio

• Inventory Turnover Ratio

• Trade Receivable Turnover Ratio

• Trade Payable Turnover Ratio

• Net Capital Turnover Ratio

• Net Profit Ratio

• Return on Capital Employed

• Return on Investment

However, Management doesnt disclose their financial ratios in their financials ortheir Notes to Accounts.

4. Comparative Information -Corresponding Figures and ComparativeFinancial Statements.

• Prior period Financial Statements Audited by a Predecessor Auditor(M/s Mehul M Shah & Co, Proprietor CA Mehul Shah)

• The Predecessor A uditor was expressed an Unmodified Opinion.

• Date of Audit Report is 28th April, 2023.

Information other than the financial statements and auditors report thereon

The Companys board of directors is responsible for the preparation of the otherinformation. The other information comprises the information included in theManagement Discussion and Analysis. Boards Report including Annexures toBoards Report, Business Responsibility Report, Corporate Governance andShareholders Information, but does not include the financial statements and ourauditors report thereon.

Our opinion on the financial statements does not cover the other information andwe do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to readthe other information and, in doing so, consider whether the other information ismaterially inconsistent with the standalone financial statements or our knowledgeobtained during the course of our audit or otherwise appears to be materiallymisstated.

If, based on the work we have performed, we conclude that there is a materialmisstatement of this other information; we are required to report that fact We havenothing to report in this regard.

Managements responsibility for the 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 financial statements that givea true and fair view of the financial position, financial performance including othercomprehensive income, cash flows and changes in equity of the Company inaccordance with the Indian Accounting Standards (Ind AS) prescribed under section133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015and Companies (Indian Accounting Standards) Rules, 2016, as amended from timeto time, and other accounting principles generally accepted in India.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of theCompany and for preventing and detecting frauds and other irregularities; selectionand application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design, implementation andmaintenance of adequate internal financial controls, that were operating effectivelyfor ensuring the accuracy and completeness of the accounting records, relevant tothe preparation and presentation of the financial statement that give a true and fairview and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing theCompanys ability to continue as a going concern, disclosing, as applicable, mattersrelated to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations, or hasno realistic alternative but to do so.

The boards of directors are also responsible for overseeing the Companys financialreporting process.

Auditors responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement, whether due to fraudor error, and to issue an auditors report that includes our opinion. Reasonableassurance is a high level of assurance, but is not a guarantee that an audit conductedin 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 theeconomic decisions of users taken on the basis of these financial statements.

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

• Identify and assess the risks of material misstatement of the financial statements,whether due to fraud or error, design and perform audit procedures responsive tothose risks, and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resultingfrom fraud is higher than for one resulting from error, as fraud may involvecollusion, forgery, intentional omissions, misrepresentations, or the override ofinternal control.

• Obtain an understanding of internal control relevant to the audit In order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Companies Act, 2013, we are also responsible for expressing our opinion onwhether the company has adequate internal financial controls system in place andthe operating effectiveness of such controls.

. Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management

• Conclude on the appropriateness of managements use of the going concern basis ofaccounting and, based on the audit evidence obtained, whether a materialuncertainty exists related to events or conditions that may cast significant doubt onthe Companys ability to continue as a going concern. If we conclude that a materialuncertainty exists, we are required to draw attention in our auditors report to therelated disclosures in the financial statements or, if such disclosures are inadequate,to modify our opinion. Our conclusions are based on the audit evidence obtained upto the date of our auditors report However, future events or conditions may causethe Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements,including the disclosures, and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among othermatters, the planned scope and timing of the audit and significant audit findings,including any significant deficiencies in internal control that we identify during ouraudit

We also provide those charged with governance with a statement that we havecomplied with relevant ethical requirements regarding independence, and tocommunicate with them all relationships and other matters that may reasonably bethought to bear on our Independence, and where applicable, related safeguards.From the matters communicated with those charged with governance, wedetermine those matters that were of most significance in the audit of the financialstatements of the current period and are therefore the key audit matters. We describe these matters in our auditors report unless law or regulation precludespublic disclosure about the matter or when, in extremely rare circumstances, wedetermine that a matter should not be communicated in our report because theadverse consequences of doing so would reasonably be expected to outweigh thepublic interest benefits of such communication.

Report on other legal and regulatory requirements

As required by the Companies (Auditors Report) Order, 2016 ("the Order"), issuedby the Central Government of India in terms of sub-section (11) of section 143 of theCompanies Act, 2013, we give in Annexure "A" a statement on the matters specifiedin paragraphs 3 and 4 of the Order.

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 thebest 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 theCompany so far as it appears from my examination of those books;

(c) The balance sheet, the statement of profit and loss, and the cash flow statementdealt with by this report are in agreement with the books of account;

(d) In our opinion, the aforesaid financial statements comply with the accountingstandards specified 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 onMarch 31,2024 taken on record by the board of directors, none of the directors isdisqualified as on March 31, 2024 from being appointed as a director in terms ofSection 164(2) of the Act;

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls, refer toour separate report in "Annexure B". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Companys internal financialcontrols over financial reporting;

(g) With respect to the other matters to be included in the Auditors Report inaccordance with the requirements of section 197 (16) of the Act, as amended, in ouropinion and to the best of our information and according to the explanations given to our; the remuneration paid by the Company to its directors during the year is inaccordance with the provisions of section 197 of the Act; and

(h) With respect to the other matters to be included in the Auditors Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in ouropinion and to the best of our information and according to the explanations givento our;

a. The Company does not have any pending litigations which would impact itsfinancial position;

b. The Company did not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses; and

c. There has been no delay in transferring amounts, required to be transferred, tothe Investor Education and Protection Fund by the Company

Annexure "A" to the Independent Auditors Report*

(Referred to in paragraph 1 under Report on other legal and regulatory requirements section of our report to the members of Tiaan Consumer Limited of even date)

1. In respect of the Companys fixed assets:

(a) The Company has maintained proper records showing full particulars,including quantitative details and situation of fixed assets.

(b) There are no Fixed assets into the company.

According to the information and explanations given to us, the recordsexamined by us, we report that the Company does not hold any freehold,are held in the name of the Company as at the balance sheet date. In respectof immovable properties of land and building that have been taken on leaseand disclosed as fixed assets in the financial statements, the leaseagreements are in the name of the Company.

2. The inventory has been physically verified by the management during the year.In our opinion, the frequency of such verification is not reasonable their marketvalue is doubtful. According to the information and explanations given to us andas examined by us, no material discrepancies were noticed on such verification.

3. According to information and explanation given to us, the company has grantedany interest bearing loan unsecured to companies, firms, limited liabilitypartnerships or other parties covered in the register required under section 179of the Companies Act, 2013. Accordingly, paragraph 3 (iii) of the order is notapplicable.

4. In our opinion and according to information and explanation given to us, thecompany granted any loans or provided any guarantees or given any securityor made any investments to which the provision of section 185 and 186 of theCompanies Act, 2013. Accordingly, paragraph 3 (iv) of the order is notapplicable.

5. In our opinion and according to the information and explanations given to us,the company has not accepted any deposits and accordingly paragraph 3 (v) ofthe order is not applicable.

6. The Central Government of India has not prescribed the maintenance of costrecords under sub-section (1) of section 148 of the Act for any of the activitiesof the company and accordingly paragraph 3 (vl) of the order is not applicable.

7. In respect of statutory dues:

(a) According to the information and explanations given to us and on the basisof our examination of the records of the Company, amounts deducted/accrued in the books of account in respect of undisputed statutory duesincluding provident fund, employees state insurance, income-tax, sales-tax, service tax, goods and service tax, duty of customs, duty of excise, valueadded tax, cess and other material statutory dues have been generallyregularly deposited during the year by the company with the appropriateauthorities.

According to the information and explanations given to us, Companydoesnt pay TDS amount for Rs. 1,67,613 for the current financial year,statutory dues were in arrears as at March 31, 2024 for a period of morethan six months from the date they became payable

(b) According to the information and explanations given to us and the recordsof the company examined by us, there are TDS payable which is due formore than 6 month of income-tax, sales- tax, service tax, goods and servicetax, duty of customs, duty of excise and value added tax which have notbeen deposited on account of any dispute.

8 In our opinion and according to the information and explanations given to us,the company has outstanding dues to any financial institutions or banks or anygovernment or any debenture holders during the year. Accordingly, paragraph3 (viii) of the order is applicable.

• The company has taken a loan from NBFC namely Makaster FinleaseLimited as of31-12-2022for Rs. 15,000,000/-

• Taken a loan from ECHT Finance Limited for Rs.25,00,000/- as of 07-08-2023.

• Taken a loan from Utsav Securities Private Limited for

Rs.3,30,00.000/- as of08-08-2023.

• All loan was taken as a short term loan and company is unable to pay tointerest as well as principle amount to their Creditors i.e NBFC.

9. The Company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) and has not taken any term loansduring the year. Accordingly, paragraph 3 (ix) of the order is not applicable.

10. To the best of our knowledge and according to the information andexplanations given to us. no fraud by the Company or no material fraud on theCompany by Its officers or employees has been noticed or reported during theyear.

11. In our opinion and according to the information and explanations given to us,the Company has not paid/ provided managerial remuneration in accordancewith the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Act

12. The Company is not a Nidhi Company and accordingly, paragraph 3 (xii) of theorder is not applicable to the Company.

13. According to the information and explanations given to us and based on ourexamination of the records of the company, transactions with the relatedparties are in compliance with section 177 and 188 of the Act Where applicable,the details of such transactions have been disclosed in the financial statementsas required by the applicable accounting standards.

14 According to the information and explanations given to us and based on ourexamination of the records of the company, the company has not made anypreferential allotment or private placement of shares or fully or partlyconvertible debentures during the year. Accordingly, paragraph 3(xiv) of theorder is not applicable.

15 According to the information and explanations given to us and based on ourexamination of the records of the company, the company has not entered intonon-cash transactions with directors or persons connected with them.Accordingly, paragraph 3(xv) of the order is not applicable.

16 The Company is not required to be registered under section 45-1 A of the ReserveBank of India Act,l 934.

Annexure "B"to the Independent Auditors Report

(Referred to in paragraph 2 (f) under Report on other legal and regulatoryrequirements section of our report to the Members of Tiaan Consumer Limited ofeven date)

Report on the internal financial controls over financial reporting underclause (i) of sub - section 3 of section 143 of the Companies Act, 2013 ("theAct")

We have audited the internal financial controls over financial reporting of TiaanConsumer Limited ("the Company") as at March 31, 2024, in conjunction with ouraudit of the financial 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 andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential componentsof internal control stated in the Guidance Note on Audit of Internal FinancialControls over Financial Reporting issued by the Institute of Chartered Accountantsof India. These responsibilities include the design, implementation and maintenanceof adequate Internal financial controls that were operating effectively for ensuringthe orderly and efficient conduct of its business, the safeguarding of its assets, theprevention and detection offrauds and errors, the accuracy and completeness of theaccounting records, and the timely preparation of reliable financial information, asrequired under the Companies Act, 2013.

Auditors responsibility

Our responsibility is to express an opinion on the internal financial controls overfinancial reporting of the Company based on our audit We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over

Financial Reporting (the "Guidance Note") issued by the Institute of CharteredAccountants 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 internalfinancial controls. Those standards and the guidance note require that we complywith ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financialreporting were established and maintained and if such controls operated effectivelyin all material respects.

Our audit involves performing procedures to obtain audit evidence about theadequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financialreporting included obtaining an understanding of internal financial controls overfinancial reporting, assessing the risk that a material weakness exists, and testingand evaluating the design and operating effectiveness of internal control based onthe assessed risk. The procedures selected depend on the auditors judgment,including the assessment of the risks of material misstatement in the financialstatements, whether due to fraud or error.

Us believe that the audit evidence we have obtained, is sufficient and appropriate toprovide a basis for our audit opinion on the Companys internal financial controlsystem over financial reporting.

Meaning of internal financial controls over financial reporting

A companys internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting andthe preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A companys internal financial controlover financial reporting includes those policies and procedures that (i) pertain tothe maintenance of records that, in reasonable detail, accurately and fairly reflectthe transactions and dispositions of the assets of the company; (ii) providereasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally acceptedaccounting principles, and that receipts and expenditures of the company are beingmade only in accordance with authorizations of management and directors of thecompany; and (iii) provide reasonable assurance regarding prevention or timelydetection of unauthorized acquisition, use, or disposition of the companys assetsthat could have a material effect on the financial statements.

Limitations of internal financial controls over financial reporting

Because of the inherent limitations of internal financial controls over financialreporting, including the possibility of collusion or improper management of override of controls, material misstatements due to error or fraud may occur and not bedetected. Also, projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internalfinancial control over financial reporting may become inadequate because ofchanges in conditions, or that the degree of compliance with the policies orprocedures may deteriorate.

Opinion

In our opinion and according to the information and explanations given to us, theCompany has, in all material respects, an adequate internal financial control systemover financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31, 2024, based on the internalcontrol over financial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For GSA & ASSOCIATES LLP

(Chartered Accountants)

Firm Regn No: 000257N/N500339

CA. MANINORA

(PARTNER)

M. NO: 501419

PLACE: NEW DELHI

DATE:.28-11-2024

UDIN: 24501419BKAAJT9572