Tirupati Fin-Lease Ltd Auditor Reports

To Hie Members of Tirupati Fin Lease Limited. Report on the Financial Statements We have audited the accompanying Consolidated financial statements of Tirupati Fin Lease Limited.(the Company) which comprise the Consolidated Balance sheet as at 31 March, 2025, the statement of Consolidated Profit and Loss for the year then ended, and a summary of significant accounting policies and other explanatory information. Management\u2019s Responsibility for the Consolidated Financial Statements Management is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (\u201cthe Act) with respect to the preparation and presentation of these Consolidated financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditors Responsibility Our responsibility is to express an opinion on these Consolidated financial statements based on our audit We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Consolidated financial statements. The procedures selected depend on the auditor\u2019s judgment, including the assessment of the risks of material misstatement of the Consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companys preparation of the Consolidated financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the Consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a audit opinion on the Consolidated financial statements. Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Consolidated financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, In the case of the Consolidated Balance Sheet, of the state of affairs of the company as at March 31,2025 And In the case of the Consolidated statement of profit and Loss for the year ended on that date. Report on Other Legal anil Regulatory Requirements As required by the Companies (Auditors Report) Order, 2016 (\u201cthe Order) issued by the Central Government of India in terms of sub-section(ll) of section 143 of the Act, the annexure containing a statement on the matters specified in the paragraph 3 and 4 of the order is attached with Report As required by Section 143 (3) of the Act, we report that: We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit In our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books; The Consolidated balance sheet, the Consolidated statement of profit and loss dealt with by this Report are in agreement with the books of account; In our opinion, the aforesaid Consolidated financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,2014; On the basis of the written representations received from the directors as on 31 March 2025 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2025 from being appointed as a director in terms of Section 164 (2) of the Act; (0 With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls. (g) With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given tous: The Company does not have any pending litigations which would impact its financial position; The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses; and There were no amounts which were required to be transferred, to the Investor Education and Protection Fund by the Company. AnnexureAt_o_Report on Other Legal and Regulatory Requirements Statement on the matters specified in paragraphs 3 and 4 of the Companies (Auditors Report) Order, 2020. (a) The company is maintaining proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment; The Company is not owning any intangible assets, hence clause 3 (i)(a)(B) of the Order is not applicable. The Property, Plant and Equipment have been physically verified by the management at reasonable Intervals; the discrepancies reported on verification were not material and have been properly dealt with in the books of account. According to the information and explanations given to us and the records examined by us and based on the examination of the registered sale deed provided to us, we report that, the title deeds, comprising all the immovable properties of land and buildings which are freehold, are held in the name of the Company at the balance sheet date. Immovable properties of land and buildings whose title deeds have been pledged as security for loans are held in the name of the Company based on the confirmations received by us from the lenders. The Company has not revalued its Property, Plant and Equipment or intangible assets during the year, hence clause 3 (i)(d) of the Order is not applicable. As represented to us by the management, no proceedings have been initiated or are pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder, hence clause 3 (i)(e) of the Order is not applicable. (a) As explained to us, inventories have been physically verified during the year by the management at reasonable intervals. No material discrepancy was notified on physical verification of stocks by the management as compared to book records. (b) The Company has not been sanctioned working capital, hence clause 3 (ii)(b) of the Order is not applicable. According to the information and explanations given to us, the Company has not granted loans, secured or unsecured, to companies, firms and parties covered in the register maintained under Section 1 89 of the Act. Therefore, the provisions of clause 3 (iii) [(a), (b) and (c)] of the said Order are not applicable to the Company. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Sections 1 85 and 1 86 of the Companies Act, 2013 in respect of grant of loans, making investments and providing guarantees and securities. The company has not accepted deposits from the public within the meaning of Section 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under. As per the informations and explanation given to us, the company is not required to maintain cost records under sub-section (1) of section 148 of the Companies Act 2013 and hence this clause is not applicable to company. (a) According to the information and explanations given to us and the records of The Company has generally been regular in depositing undisputed statutory dues, including Good and Services tax, Provident Fund, Employees State Insurance, Income Tax, Customs Duty, Cess and any other material statutory dues applicable to it with the appropriate authorities. There were no undisputed amounts payable in respect of Provident Fund, Employees State Insurance, Income Tax, Goods and Service Tax, Customs Duty, Cess and any 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) According to the information and explanations given to us and the records of the Company examined by us, there are no dues of Goods and Service tax (GST), Income-tax, sales-tax, service-tax, duty of customs, and duty of excise or value added tax which have not been deposited on account of any dispute. There are no transactions that are not recorded in the books of account to be surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961. (a) to (f) The company has not obtained any loan or other borrowings from any financial institution or bank or debenture holders. Thus, reporting under clause 3(ix) of the order is not applicable to the Company. (a) The company has not made any initial public offer during the year. (b) The company has not made any preferential allotment or private placement of shares/debentures during the year. Thus, reporting under clause 3(x) of the order is not applicable to the Company. (a) Based upon the audit procedures performed and information and explanations given to us by the management, we report that no fraud by the company or on the company by its officers/employees has not been noticed or reported during the course of ouraudit. In the absence of any fraud, there is no requirement to submit Form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules 2014 with the Central Government. During the year under audit we have not received any complaints under whistle blower mechanism. The Company is not a Nidhi Company and hence reporting under Clause 3(xil) of the Order is not applicable to the Company. In our opinion and according to the information and explanations given to us, the Company is in compliance with Section 177 and Section 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 financial statements as required by the applicable accounting standards. IV. (a) Based on on information and explanations provided to us and our audit procedures, in our opinion, the company is required to have an Internal audit system under section 138 of the Companies Act, 2013, and for this purpose company have appointed M/s. Pritesh Shah & Co., Chartered Accountants based at Ahmedabad to oversee and carry out internal audit of its activities. (b) We have considered the internal audit reports of the Company issued till date for the period under audit. In our opinion and according to the information and explanations given to us, during the year the Company has not entered into any non-cash transactions with its Directors or persons connected to its directors and hence provisions of section 192 of the Companies Act, 2013 are not applicable to the Company. The The company is required to be registered under Section 45-1A of the Reserve Bank of India Act, 1934 and Registration has been obtain by the company. Company is not conducted any Non-Banking Financial or Housing Finance activities without a valid Certificate of Registration (CoR) from the Reserve Bank of India as per the Reserve Bank of India Act, 1 934; The Company is not a Core Investment Company (CIC). The Company has not incurred cash losses in the financial year and in the immediately preceding financial year, hence clause 3 (xvii) of the Order is not applicable; There has been no resignation of the statutory auditors during the year and accordingly clause 3 (xviii) is not applicable. According to the information and explanation given to us, and on the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exist as on the date of the audit report that company is not cable of meetings 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 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 neither 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. As per information and explanation given to us, the provisions of Section 135 of the Companies Act, 2013 in respect to Corporate Social Responsibility is not applicable to the Company. Thus, reporting under clause (a) & (b) of 3(xx) of the order is not applicable to the Company. Company is not having any subsidiaries or Joint Venture or associate and hence not required to prepare consolidated financial statements, hence clause 3 (xxi) of the Order is not applicable. Report on the Internal Financial Controls under Clause (I) of Sub-section 3 of Section143 of the Companies Act 2013 (the Act) We have audited the internal financial controls over financial reporting of Tirupati Fin lease Limited (the Company) as of 31st March 2025 in conjunction withour audit of the financial statements of the Company for the year ended on that date. Managements Responsibility for Internal Financial Controls The Companys management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business including adherence to companys policies thesafeguardlng of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013. Auditors Responsibility Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the Guidance Note) and the Standards on Auditing issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act 2013 to the extent applicable to an audit of internal financial controls both applicable to an audit of Internal Financial Controls and both issued by the Institute of Chartered Accountants of India. 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 reporting was established and maintained and if such controls operated effectively in all material respects. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting assessing the risk that a material weakness exists and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment 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 reporting. Meaning of Internal Financial Controls over Financial Reporting A companys internal financial control over financial reporting 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 principles. A companys internal financial control over financial reporting Includes 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 principles and that receipts and expenditures of the company are being made 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. Because of the inherent limitations of internal financial controls over financial reporting Including the possibility of collusion or improper management override of controls material misstatements due to error or fraud may occur and not be detected. Also projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate. Opinion UDIN : 25145924BNJRPC1023 PLACE: AHMEDABAD DATE: 24/05/2025 Place: Ahmedabad Date: 02-08-2025 , . UDIN: f OU^OCrOOO^ I o #SAREnd# #ARStart# Independent Auditors Report To Hie Members of Tirupati Fin Lease Limited. Report on the Financial Statements We have audited the accompanying Consolidated financial statements of Tirupati Fin Lease Limited.(the Company) which comprise the Consolidated Balance sheet as at 31 March, 2025, the statement of Consolidated Profit and Loss for the year then ended, and a summary of significant accounting policies and other explanatory information. Management\u2019s Responsibility for the Consolidated Financial Statements Management is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (\u201cthe Act) with respect to the preparation and presentation of these Consolidated financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditors Responsibility Our responsibility is to express an opinion on these Consolidated financial statements based on our audit We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Consolidated financial statements. The procedures selected depend on the auditor\u2019s judgment, including the assessment of the risks of material misstatement of the Consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companys preparation of the Consolidated financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the Consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a audit opinion on the Consolidated financial statements. Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Consolidated financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, In the case of the Consolidated Balance Sheet, of the state of affairs of the company as at March 31,2025 And In the case of the Consolidated statement of profit and Loss for the year ended on that date. Report on Other Legal anil Regulatory Requirements As required by the Companies (Auditors Report) Order, 2016 (\u201cthe Order) issued by the Central Government of India in terms of sub-section(ll) of section 143 of the Act, the annexure containing a statement on the matters specified in the paragraph 3 and 4 of the order is attached with Report As required by Section 143 (3) of the Act, we report that: We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit In our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books; The Consolidated balance sheet, the Consolidated statement of profit and loss dealt with by this Report are in agreement with the books of account; In our opinion, the aforesaid Consolidated financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,2014; On the basis of the written representations received from the directors as on 31 March 2025 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2025 from being appointed as a director in terms of Section 164 (2) of the Act; (0 With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls. (g) With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given tous: The Company does not have any pending litigations which would impact its financial position; The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses; and There were no amounts which were required to be transferred, to the Investor Education and Protection Fund by the Company. AnnexureAt_o_Report on Other Legal and Regulatory Requirements Statement on the matters specified in paragraphs 3 and 4 of the Companies (Auditors Report) Order, 2020. (a) The company is maintaining proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment; The Company is not owning any intangible assets, hence clause 3 (i)(a)(B) of the Order is not applicable. The Property, Plant and Equipment have been physically verified by the management at reasonable Intervals; the discrepancies reported on verification were not material and have been properly dealt with in the books of account. According to the information and explanations given to us and the records examined by us and based on the examination of the registered sale deed provided to us, we report that, the title deeds, comprising all the immovable properties of land and buildings which are freehold, are held in the name of the Company at the balance sheet date. Immovable properties of land and buildings whose title deeds have been pledged as security for loans are held in the name of the Company based on the confirmations received by us from the lenders. The Company has not revalued its Property, Plant and Equipment or intangible assets during the year, hence clause 3 (i)(d) of the Order is not applicable. As represented to us by the management, no proceedings have been initiated or are pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder, hence clause 3 (i)(e) of the Order is not applicable. (a) As explained to us, inventories have been physically verified during the year by the management at reasonable intervals. No material discrepancy was notified on physical verification of stocks by the management as compared to book records. (b) The Company has not been sanctioned working capital, hence clause 3 (ii)(b) of the Order is not applicable. According to the information and explanations given to us, the Company has not granted loans, secured or unsecured, to companies, firms and parties covered in the register maintained under Section 1 89 of the Act. Therefore, the provisions of clause 3 (iii) [(a), (b) and (c)] of the said Order are not applicable to the Company. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Sections 1 85 and 1 86 of the Companies Act, 2013 in respect of grant of loans, making investments and providing guarantees and securities. The company has not accepted deposits from the public within the meaning of Section 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under. As per the informations and explanation given to us, the company is not required to maintain cost records under sub-section (1) of section 148 of the Companies Act 2013 and hence this clause is not applicable to company. (a) According to the information and explanations given to us and the records of The Company has generally been regular in depositing undisputed statutory dues, including Good and Services tax, Provident Fund, Employees State Insurance, Income Tax, Customs Duty, Cess and any other material statutory dues applicable to it with the appropriate authorities. There were no undisputed amounts payable in respect of Provident Fund, Employees State Insurance, Income Tax, Goods and Service Tax, Customs Duty, Cess and any 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) According to the information and explanations given to us and the records of the Company examined by us, there are no dues of Goods and Service tax (GST), Income-tax, sales-tax, service-tax, duty of customs, and duty of excise or value added tax which have not been deposited on account of any dispute. There are no transactions that are not recorded in the books of account to be surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961. (a) to (f) The company has not obtained any loan or other borrowings from any financial institution or bank or debenture holders. Thus, reporting under clause 3(ix) of the order is not applicable to the Company. (a) The company has not made any initial public offer during the year. (b) The company has not made any preferential allotment or private placement of shares/debentures during the year. Thus, reporting under clause 3(x) of the order is not applicable to the Company. (a) Based upon the audit procedures performed and information and explanations given to us by the management, we report that no fraud by the company or on the company by its officers/employees has not been noticed or reported during the course of ouraudit. In the absence of any fraud, there is no requirement to submit Form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules 2014 with the Central Government. During the year under audit we have not received any complaints under whistle blower mechanism. The Company is not a Nidhi Company and hence reporting under Clause 3(xil) of the Order is not applicable to the Company. In our opinion and according to the information and explanations given to us, the Company is in compliance with Section 177 and Section 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 financial statements as required by the applicable accounting standards. IV. (a) Based on on information and explanations provided to us and our audit procedures, in our opinion, the company is required to have an Internal audit system under section 138 of the Companies Act, 2013, and for this purpose company have appointed M/s. Pritesh Shah & Co., Chartered Accountants based at Ahmedabad to oversee and carry out internal audit of its activities. (b) We have considered the internal audit reports of the Company issued till date for the period under audit. In our opinion and according to the information and explanations given to us, during the year the Company has not entered into any non-cash transactions with its Directors or persons connected to its directors and hence provisions of section 192 of the Companies Act, 2013 are not applicable to the Company. The The company is required to be registered under Section 45-1A of the Reserve Bank of India Act, 1934 and Registration has been obtain by the company. Company is not conducted any Non-Banking Financial or Housing Finance activities without a valid Certificate of Registration (CoR) from the Reserve Bank of India as per the Reserve Bank of India Act, 1 934; The Company is not a Core Investment Company (CIC). The Company has not incurred cash losses in the financial year and in the immediately preceding financial year, hence clause 3 (xvii) of the Order is not applicable; There has been no resignation of the statutory auditors during the year and accordingly clause 3 (xviii) is not applicable. According to the information and explanation given to us, and on the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exist as on the date of the audit report that company is not cable of meetings 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 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 neither 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. As per information and explanation given to us, the provisions of Section 135 of the Companies Act, 2013 in respect to Corporate Social Responsibility is not applicable to the Company. Thus, reporting under clause (a) & (b) of 3(xx) of the order is not applicable to the Company. Company is not having any subsidiaries or Joint Venture or associate and hence not required to prepare consolidated financial statements, hence clause 3 (xxi) of the Order is not applicable. Report on the Internal Financial Controls under Clause (I) of Sub-section 3 of Section143 of the Companies Act 2013 (the Act) We have audited the internal financial controls over financial reporting of Tirupati Fin lease Limited (the Company) as of 31st March 2025 in conjunction withour audit of the financial statements of the Company for the year ended on that date. Managements Responsibility for Internal Financial Controls The Companys management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business including adherence to companys policies thesafeguardlng of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013. Auditors Responsibility Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the Guidance Note) and the Standards on Auditing issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act 2013 to the extent applicable to an audit of internal financial controls both applicable to an audit of Internal Financial Controls and both issued by the Institute of Chartered Accountants of India. 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 reporting was established and maintained and if such controls operated effectively in all material respects. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting assessing the risk that a material weakness exists and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment 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 reporting. Meaning of Internal Financial Controls over Financial Reporting A companys internal financial control over financial reporting 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 principles. A companys internal financial control over financial reporting Includes 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 principles and that receipts and expenditures of the company are being made 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. Because of the inherent limitations of internal financial controls over financial reporting Including the possibility of collusion or improper management override of controls material misstatements due to error or fraud may occur and not be detected. Also projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate. Opinion UDIN : 25145924BNJRPC1023 PLACE: AHMEDABAD DATE: 24/05/2025 FOR S TAP & COMPANY (CHARTERED ACCOUNTANTS), JIGNESHTHUMAR (PARTNER) M. NO. 145924 F. R. NO. 132148W PAN: AFPPT3316Q