Vital Chemtech Ltd Auditor Reports

TO THE MEMBERS OF VITAL CHEMTECH LIMITED

Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying Financial Statements of "VITAL CHEMTECH LIMITED"(the Company) having CIN: U24299GJ2021PLC127538, which comprise the Balance Sheet as at March 31, 2023, the Statement of Pro t and Loss and the Statement of Cash Flows for the year ended and a summary of significant accounng policies and other explanatory informaon (hereina er referred to as the "standalone financial statements").

In our opinion and to the best of our informaon and according to the explanaons given to us, the aforesaid Financial Statements give the informaon required by the Companies Act, 2013 (the Act) in the manner so required and give a true and fair view in conformity with the accounng principles generally accepted in India, of the state of a airs of the Company as at March 31, 2023, and its profit and its cash flows for the year ended on that date.

Basis for Opinion

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

Key Audit Ma_ers

Key audit ma er is the ma er that, in our professional judgement, was of most significance in our audit of the Financial Statements of the current period. This ma er was addressed in the context of our audit of the Financial Statements as a whole and in forming our opinion thereon and we do not provide a separate opinion on this ma er. We have nothing to report in this regard.

Informa_on Other than the Financial Statements and Auditors Report Thereon

The Board of Directors of the Company is responsible for the other informaon. The other informaon comprises the informaon included in the operaonal highlights, Directors Report and its annexure, Management Discussion and Analysis, Business Responsibility Report, Corporate Governance and Shareholders informaon and performance trend, but does not include the consolidated Financial Statements, standalone Financial Statements and our Auditors Report thereon. These reports are expected to be made available to us a er the date of auditors report.

Our opinion on the Financial Statements does not cover the other informaon and w e do not express any form of assurance conclusion thereon.

In connecon with our audit of the Financial St atements, our responsibility is to read the other informaon and, in doing so , consider whether the other informaon is ma terially inconsistent with the Financial Statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other informaon; w e are required to report that fact. We have nothing to report in this regard.

Managements Responsibility for the Financial Statements

The Board of Directors of the Company is responsible for the ma ers stated in Secon 134(5) of the Act with respect to the preparaon of these Financial Statements that give a true and fair view of the financial posion, financial performance and cash flows of the Company in accordance with the accounng principles generally accepted in India. This responsibility also includes maintenance of adequate accounng records in accordance with the provisions of the Act for safeguarding the assets of the Company and for prevenng and detecng frauds and other irregularies, selecon and applicaon of appropriate accounng policies, making judgements and esma tes that are reasonable and prudent, and design, implementaon and maintenance of adequate internal financial controls, that were operang e ecv ely for ensuring the accuracy and completeness of the accounng records, relevant to the preparaon and presentaon of the Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Financial Statements, the Management is responsible for assessing the ability of the Company to connue as a going concern, disclosing, as applicable, ma ers related to going concern and using the going concern basis of accounng unless the Management either intends to liquidate the Company or to cease operaons, or has no realisc alternav e but to do so.

The Board of Directors are also responsible for overseeing the Companys financial reporng process.

Auditors Responsibili es for the Audit of the Standalone Financial Statements

Our objecv es are to obtain reasonable assurance about whether theStandalone Financial Statements as a whole are free from material misstatement, whether due to fraud or error and to issue an Auditors Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they can reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone Financial Statements.

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

Idenf y 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 sufficient and appropriate to provide a basis for our opinion. The risk of not detecng a material misstatement resulng from fraud is higher than for one resul ng from error, as fraud may involve collusion, forgery, inten onal omissions, misrepresentaons or the override of internal control.

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

Evaluate the appropriateness of accounng policies used and the reasonableness of accounng esma tes and related disclosures made by the Management.

Conclude on the appropriateness of use of the going concern basis of accounng by the Management and based on the audit evidence obtained, whether a material uncertainty exists related to events or condions that may cast significant doubt on the ability of the Company to connue as a going concern. If we conclude that a material uncertainty exists, we are required to draw a enon in our Auditors Report to the related disclosures in theStandalone Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors Report. However, future events or condions may cause the Company to cease to connue as a going concern.

Evaluate the overall presenta on, structure and content of the Standalone Financial Statements, including the disclosures and whether the Standalone Financial Statements represent the underlying transacons and events in a manner that achieves fair presentaon.

Obtain sufficient appropriate audit evidence regarding the financial informa on of the Company to express an opinion on the Financial Statements.

Materiality is the magnitude of misstatements in the Standalone Financial Statements that individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Stand alone Financial Statements may be in uenced. We consider quant av e materiality and qualitav e factors in(i) planning the scope of our audit work and in evaluang the results of our work and (ii) to evaluate the effect of any iden ed misstatements in the Stand alone Financial Statements.

We communicate with those charged with governance regarding, among other ma ers, the planned scope and ming of the audit and significant audit ndings, including any significant deficiencies in internal control that we idenf y during our audit.

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

From the ma ers communicated with those charged with governance, we determine those ma ers that were of most significance in the audit of the Financial Statements of the current period and are therefore the key audit ma ers. We describe these ma ers in our Auditors Report unless law or regulaon pr ecludes public disclosure about the ma er or when, in extremely rare circumstances, we determine that a ma er must not be communicated in our report because the adverse consequences of doing so will reasonably be expected to outweigh the public interest benefits of such communicaon.

Report on Other Legal and Regulatory Requirements

As required by Secon 143(3) of the Act, we report that:

a) We have sought and obtained all the informaon and explanaons which to the best of our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examinaon of those books.

c) The Balance Sheet, the Statement of Pro t and Loss and the Statement of Cash Flows dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid Standalone Financial Statements comply with the Accounng Standards specified under Secon 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

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

f) With respect to the adequacy of the internal financial controls with reference to standalone financial statements of the Company and the operang e ecv eness of such controls, refer to our separate Report in "Annexure A". Our report expresses an unmodi ed opinion on the adequacy and operang e ecv eness of the internal financial controls with reference to standalone financial statements.

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

h) With respect to the other ma ers to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our informaon and according to the explanaons given to us:

1) The Company does not have any pending lig aons which would impact its financial posion.

2) The Company did not have any long-term contracts including derivav e contracts for which there were any material foreseeable losses.

3) The Company is not liable to transfer any amounts, required to be transferred, to the Investor Educaon and Protecon Fund by the Company during the year ended March 31, 2023.

4) I) The Management has represented that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or enty , including foreign enty ("Intermediaries"), with the understanding, whether recorded in wring or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or enes iden ed in any manner whatsoever by or on behalf of the Company ("Ulma te Bene ciaries") or provide any guarantee, security or the like on behalf of the Ulma te Bene ciaries;

ii) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or enty , including foreign enty ("Funding P ares"), with the understanding, whether recorded in wring or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or enes iden ed in any manner whatsoever by or on behalf of the Funding Party ("Ulma te Bene ciaries") or provide any guarantee, security or the like on behalf of the Ulma te Bene ciaries;

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

5) As stated in Note 2.12.3 to the standalone financial statements, The Board of Directors of the Company have proposed nal dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeng. The amount of dividend proposed is in accordance with secon 123 of the Act, as applicable.

6) Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using accounng sow are which has a feature of recording audit trail (edit log)facility is applicable to the Company with effect from April 1, 2023, and accordingly, reporng under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 is not applicable for the financial year ended March 31, 2023.

As required by the Companies (Auditors Report) Order, 2020 (the Order), issued by the Central Government in terms of Secon 143(11) of the Act, we give in Annexure B, a statement on the ma ers specified in paragraphs 3 and 4 of the Order.

For, ABHISHEK KUMAR & ASSOCIATES

Chartered Accountants

Firms Registraon No.130052W

CA Abhishek Agrawal

Proprietor

Membership No. 132305

UDIN: 23132305BGXKRG4905

Place: Ahmedabad

Date: 22.05.2023

Annexure- A To Independent Auditors Report

(Referred to in paragraph 1(f) under Report on Other Legal and Regulatory Requirements sec_on of our report to the Members of Vital Chemtech Limited of even date) Report on the Internal Financial Controls with reference to Standalone Financials Statements under Clause (i) of sub-sec~on 3 of Sec_on 143 of the Companies Act, 2013 (the "Act")

We have audited the internal financial controls over financial reporng of VITAL CHEMTECH LIMITED (the Company) as of March 31, 2023, in conjuncon with our audit of the Financial Statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Control

The Management of the Company is responsible for establishing and maintaining internal financial controls with reference to standalone financial statements based on the internal control over financial reporng criteria established by the Company considering the essenal components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporng (the Guidance Note) issued by the Instut e of Chartered Accountants of India (THE "ICAI"). These responsibilies include the design, implementaon and maintenance of adequate internal financial controls that were operang e ecv ely for ensuring the orderly and efficient conduct of its business, including adherence to the policies of the Company, the safeguarding of its assets, the prevenon and detecon of frauds and errors, the accuracy and completeness of the accounng records and the mely preparaon of reliable financial informaon, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the internal financial controls of the Company with reference to standalone financial statements over financial reporng based on our audit. We conducted our audit in accordance with the Guidance Note issued by the ICAI and the Standards on Auding prescribed under Secon 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls with reference to standalone financial statements. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporng was established and maintained and if such controls operated e ecv ely in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to standalone financial statements over financial reporng and their operang e ecv eness. Our audit of internal financial controls with reference to standalone financial statements over financial reporng included obtaining an understanding of internal financial controls over financial reporng , assessing the risk that a material weakness exists and tesng and evaluang the design and operang e ecv eness of internal control based on the assessed risk. The procedures selected depend on the Auditors judgement, including the assessment of the risks of material misstatement of the Financial Statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the internal financial controls with reference to standalone financial statements over financial reporng of the Company.

Meaning of Internal Financial Controls over Financial Repor_ng

The internal financial control over financial reporng of a company is a process designed to provide reasonable assurance regarding the reliability of financial reporng and the preparaon of Financial Statements for external purposes in accordance with the Generally Accepted Accounng Principles. Internal financial control with reference to standalone financial statements over financial reporng of a Company includes those policies and procedures that

i) Pertain to the maintenance of records that in reasonable detail, accurately and fairly reflect the transacons and disposions of the assets of the Company;

ii) Provide reasonable assurance that transac ons are recorded as necessary to permit preparaon of Financial Statements in accordance with the Generally Accepted Accounng Principles, and that receipts and expenditures of the Company are being made only in accordance with authorisaons of Management and Directors of the Company; and

iii) Provide reasonable assurance regarding prevenon or mely detecon of unauthorised acquision, use, or disposion of the assets of the Company that can have a material effect on the Financial Statements.

Inherent Limita_ons of Internal Financial Control over Financial Repor_ng

Because of the inherent limitaons of internal financial controls over financial reporng , including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projecons of any evaluaon of the internal financial controls with reference to standalone financial statements over financial reporng to future periods are subject to the risk that the internal financial control over financial reporng may become inadequate because of changes in condions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, to the best of our informaon and according to the explanaons given to us, the Company has, in all material respects, adequate internal financial controls with reference to standalone financial statements and such internal financial controls were operang e ecv ely as at 31 March 2023, based on the internal financial controls with reference to financial statements criteria established by the Company considering the essenal components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporng issued by the Instut e of Chartered Accountants of India (the "Guidance Note").

For, ABHISHEK KUMAR & ASSOCIATES

Chartered Accountants

Firms Registraon No. 130052W

CA Abhishek Agrawal

Proprietor

Membership No. 132305 UDIN: 23132305BGXKRG4905 Place: Ahmedabad Date: 22.05.2023

ANNEXURE B TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 2 under Report on Other Legal and Regulatory Requirements

sec_on of our report to the Members of Vital Chemtech Limited of even date)

To the best of our informaon and acc ording to the explanaons pr ovided to us by the Company and the books of account and records examined by us in the normal course of audit, we state that:

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

(a) (A) The Company has maintained proper records showing full parcular s, including quant av e details and situaon of Property, Plant and Equipment.

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

(b) The Company has a program of physical veri caon of Property, Plant and Equipment so to cover all the assets once every year which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. According to the informaon and e xplanaons giv en to us, no material discrepancies were noced on such veri caon.

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

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

(e) No proceedings have been inia ted during the year or are pending against the Company as at March 31, 2023 for holding any Benami property under the Benami Transacons (Prohibion) Act, 1988 (as amended in 2016) and rules made thereunder.

II. (a) As explained to us, the inventories were physically veri ed during the year by the Management at reasonable intervals, except goods-in-transit. The coverage and procedure adopted by the Management is appropriate according to the size and scale of the Company. No discrepancies of 10% or more were observed in any class of inventories.

(b) The Company has been sanconed working capital limit classified as fund based and non-fund based in excess of 5 crore, in aggregate, during the year, from banks or financial instuons and the quarterly statements led by the Company with such banks or financial instuons are in agreement with the books of accounts of the Company.

III. The Company has made investments in, companies, rms, Limited Liability Partnerships, and granted unsecured loans to other pares, during the year, in respect of which:

(a) The Company has provided loans during the year, and details of which are given below:

Particulars	Amount in Lakh
Aggregate amount granted during the year	160.00
- Subsidiaries
Balance outstanding as at balance sheet date in respect of above cases:	130.00
- Subsidiaries

(b) The Company has not provided any loans or advances in the nature of loans or stood guarantee, or provided security to any other enty during the year, and hence reporng under clause 3(iii)(a) of the Order is not applicable.

(c) In our opinion, the investments made and the terms and condions of the grant of loans, during the year are, prima facie, not prejudicial to the Companys interest.

(d) In respect of loans granted by the Company, the schedule of repayment of principal and payment of interest has been spula ted and the repayments of principal amounts and receipts of interest are generally been regular as per spula on.

(e) In respect of loans granted by the Company, there is no overdue amount remaining outstanding as at the balance sheet date.

(f) No loan granted by the Company which has fallen due during the year, has been renewed or extended or fresh loans granted to sele the overdues of exisng loans given to the same pares.

(g) The Company has not granted any loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment during the year. Hence, reporng under clause 3(iii)(f) is not applicable. The Company has not made investments in Firms and Limited Liability Partnerships during the year. The Company has not provided any guarantee or security or granted any advances in the nature of loans, secured or unsecured, to companies, rms, Limited Liability Partnerships or any other pares.

IV. The Company has complied with the provisions of Secons 185 and 186 of the Companies Act, 2013 in respect of loans granted, investments made and guarantees and securies provided, as applicable.

V. The Company has not accepted any deposit or amounts which are deemed to be deposits.

Hence, reporng under clause 3(v) of the Order is not applicable.

VI. According to the informaon and explanaon given to us and have broadly reviewed the books of account maintained by the company pursuant to the Rules made by the Central Government for the maintenance of cost records under Secon 148 of the Act, and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained."

VII. In respect of statutory dues:

(a) In our opinion, the Company has generally been regular in deposing undisputed statutory dues, including Goods and Services tax, Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, Cess and other material statutory dues applicable to it with the appropriate authories. There were no undisputed amounts payable in respect of Goods and Service tax, Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, Cess and other material statutory dues in arrears as at March 31, 2023 for a period of more than six months from the date they became payable.

(b) There are no disputed amounts in respect of statutory dues referred to in sub-clause (a) above and therefore reporng under sub-clause (b) is not applicable.

VIII. There were no transacons relang to previously unrecorded income that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).

IX. (a) According to the informaon and explanaons given to us and on the basis of our examinaon of the records of the Company, the Company have loans or borrowings from banks and promoters, directors/related party during the year. Accordingly, clause 3(ix)(a) of the Order is applicable. The Company has not defaulted in repayment of loans or other borrowings or in payment of interest thereon to any lender. The Company has taken loans from banks and promoters, directors/related party other than subsidiaries including long- term and short-term and outstanding amount of such loans at the end of financial year are as below:

(b) According to the informaon and explanaons given to us and on the basis of our examinaon of the records of the Company, the Company has not been declared a wilful defaulter by any bank or financial instuon or government or government authority.

(c) According to the informaon and explanaons given to us by the management, the Company has obtained term loans during the year. Accordingly, clause 3(ix)(c) of the Order is applicable, the term loans were prima facie applied for the purpose for which they were obtained. The Company has taken term loans from banks as below:

(d) According to the informaon and explanaons given to us and on an overall examinaon of the balance sheet of the Company, we report that funds have been raised on short-term basis by the Company. Accordingly, clause 3(ix)(d) of the Order is applicable. On an overall examinaon of the financial statements of the Company, funds raised on short-term basis have, prima facie, not been used during the year for long-term purposes by the Company.

(e) According to the informaon and explanaons given to us and on an overall examinaon of the financial statements of the Company, we report that the Company has not taken any funds from any enty or person on account of or to meet the obligaons of its subsidiaries as defined under the Companies Act, 2013. Accordingly, clause 3(ix)(e) of the Order is not applicable.

(f) According to the informaon and explanaons given to us and procedures performed by us, we report that the Company has not raised loans during the year on the pledge of securies held in its subsidiaries as defined under the Companies Act, 2013. Accordingly, clause 3(ix)(f) of the Order is not applicable.

X. (a) Based upon the audit procedures performed and the informaon and explanaons given by the management, fund raised by the company by way of inial public offer were applied for the purpose for which they were raised, though idle/surplus funds, which were not required for immediate uliz aon have been gainfully invested in xed deposits / MF with scheduled commercial banks/ maintained in current account with monitoring agency. The maximum amount of such funds invested during the year was Rs.28.05 Crores of which Rs. 25 Crores was outstanding at the end of the year.

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

XI. (a) No fraud by the Company and no material fraud on the Company has been noced or

reported during the year.

(b) No report under sub-secon (12) of secon 143 of the Companies Act has been led in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and up to the date of this report.

(c) The Company has not received any whistle-blower complaints during the year.

XII.The Company is not a Nidhi Company and hence reporng under clause 3(xii) of the Order is

not applicable.

XIII. In our opinion, the Company is in compliance with Secon 177 and 188 of the Companies Act, 2013 with respect to applicable transacons with the related pares and the details of related party transacons have been disclosed in the standalone financial statements as required by the applicable accounng standards.

XIV. (a) In our opinion the Company has an adequate internal audit system commensurate with

the size and the nature of its business.

(b) We have considered the internal audit reports for the year under audit, issued to the Company during the year and ll date, in determining the nature, ming and extent of our audit procedures.

XV. In our opinion during the year the Company has not entered into any non-cash transacons with its Directors or persons connected with its directors and hence provisions of secon 192 of the Companies Act, 2013 are not applicable to the Company.

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

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

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 resignaon of the statutory auditors of the Company during the year.

Accordingly, clause 3(xviii) of Order is not applicable.

XIX. On the basis of the financial raos, ageing and expected dates of realisaon of financial assets and payment of financial liabilies, other informaon accompanying the financial statements and our knowledge of the Board of Directors and Management plans and based on our examinaon of the evidence supporng the assumpons, nothing has come to our a enon, which causes us to believe that any material uncertainty exists as on the date of the audit report indicang that Company is not capable of meeng its liabilies exisng at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporng is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilies falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.

XX.(a) There are no unspent amounts towards Corporate Social Responsibility ("CSR") on other than on-going projects requiring a transfer to a Fund specified in Schedule VII to the Companies Act, 2013 in compliance with second proviso to sub-secon (5) of Secon 135 of the said Act. Accordingly, reporng under clause 3(xx)(a) of the Order is not applicable for the year.

(b) There are no amounts remaining unspent under secon (5) of secon 135 of Companies Act, pursuant to any on-going project has been transferred to special account in compliance with provision of sub secon (6) of secon 135 of the said Act.

For, ABHISHEK KUMAR & ASSOCIATES

Chartered Accountants

Firms Registraon No. 130052W

CA Abhishek Agrawal

Proprietor

Membership No. 132305 UDIN: 23132305BGXKRG4905 Place: Ahmedabad Date: 22.05.2023