Urja Global Ltd Auditor Reports

<dhhead>INDEPENDENT AUDITORS’ REPORT ON STANDALONE FINANCIAL STATEMENTS</dhhead>

To the Members of URJA GLOBAL LIMITED

Report on audit of the Standalone Financial Statements

1. QualifiedOpinion

We have audited the accompanying Standalone financia the Statement of Changes in Equity and statement of cash flows for the year then ended, and notes to the financial statements, the Standalone Balance Sheet as at March 31, 2025, and the Statement of Profit and Loss (including Other Comprehensive Income), l statements of URJA GLOBAL LIMITED ("the Company"), which comprise financial statements’). including a summary of significant accounting policies and other explanatory information (hereinafter referred to as ‘the standalone the matters described in the ‘Basis of Qualified Opinion’ paragraph below, the aforesaid Standalone financial statements give the In our opinion and to the best of our information and according to the explanations given to us, except for the possible effects of information required by the Companies Act, 2013 (‘the Act’) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025 and its(including other comprehensive income), the changes in equity and its cash flows for the year ended on that date. profit

2. Basis of Qualified Opinion

We drawyourattention to the followingmatters:

A. The Company has not done GST Input Tax Credit Reversals against dues of Rs.36,77,65,614/- as on 31.03.2025, due to non- 2017. Non-reversal of GST credits will result in availment of wrong amount of GST Input credits against GST liability. payment to sundry creditors within the stipulated time as prescribed in terms of 2nd proviso to section 16(2) of CGST Act,

 

B. There is no documentary evidence made available for Investment in Mines Projects and also, the project progress has been also Further, no documentary evidence available with respect to Loans and Advances granted by the Company as on date. classified under ‘Property Plant and Equipment’ as capital work in progress, amounting to 46,35,28,484/ as on 31.03.2025 and took all records. Accordingly, documents relating to According to the information and explanations given to us, the GST department raided the Company’s premises on 20-07-2021 and sought from parties. projects, terms of agreement and signed balance confirmation with respect to loans and advances are not available and shall be and consequential impact on profit is not determinable. We are also unable to comment upon the compliance of the applicable However, In the absence of necessary documents, recoverability of loans and advances, impact on the carrying value of investments provisions of the Companies act 2013.

Act, 2013. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical is sufficient and appropriate to provide a basis for our qualified opinion on the financial statements.

 

3. Key AuditMatters financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone We have determined that there are no key audit matters to communicate in our report for the year ended 31 March 2025.

4. Information The Company’s Board of Directors are responsible for the other than the Financial Statements and Auditors’ preparation of the other information. The other information comprises the Report thereon and our auditor’s report thereon. information included in the Board’s Report including Annexure(s) to Board’s Report, but does not include the Financial Statements conclusion thereon. Our opinion on the Financial Statements does not cover the other information and we do not express any form of assurance consider whether the other information is materially inconsistent with the Standalone Financial Statements or our knowledge In connection with our audit of the Financial Statements, our responsibility is to read the other information and, in doing so, obtained during the course of our audit or otherwise appears to be materially misstated.

 

5. Responsibilities The Company’s Management of for the Standalone Financial Statements performance (including other comprehensive income), changes in equity and cash flows of the Company in accordance with the respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial and Board of Directors are responsible for the matters stated in section 134(5) of the Act with This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for accounting principles generally accepted in India, including the accounting Standards specified under section 133 of the Act. of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of the accounting records, relevant to the preparation and presentation of the financial statement that give a true and fair view and and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness are free from material misstatement, whether due to fraud or error. disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the company’s financial reporting process.

 

6. Auditor’s Responsibilities for the Audit of the Standalone Financial Statements material misstatement, whether due to fraud or error, and to issue an auditor’s 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 Our objectives are to obtain reasonable assurance about whether the Standalone financial statements as a whole are free from the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in statements. the audit. We also: As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout

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

 

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

 

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

 

d. evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s attention in our auditor’s report to the related disclosures in the standalone financial statements or, if such disclosures are report. However, future events or conditions may cause the Company to cease to continue as a going concern.

 

e. whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation. Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes it probable work; and (ii) to evaluate the effect of any identified misstatements in the financial statements. quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our We communicate with those charged with governance regarding, among other matters, the planne identify during our audit. scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we We also provide those charged with governance with a statement that we have complied with relevant ethical requirements to bear on our independence, and where applicable, related safeguards. significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We From the matters communicated with those charged with governance, we determine those matters that were of most in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

 

7. 1.Report onOtherLegal andRegulatoryRequirements As required by the Companies (Auditor’s Report) Order, 2020 ("the Order") issued by the Central Government of India in terms and 4 of the Order, to the extent applicable. of sub-section (11) of section 143 of the Act we give in the Annexure A, a statement on the matters specified in paragraphs 3

2. As required by Section 143 (3) of the Act, we report that:

 

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary 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 examination of those books.

 

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

 

(d) In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards 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 on March 31, 2025 taken on record by the Board Section 164 (2) of the Act. of Directors, none of the directors is disqualified as on March 31, 2025 from being appointed as a director in terms of

(f) With respect to the adequacy of the Internal Financial Controls over Financial Reporting of the Company and the operating effectiveness of such controls, refer to our separate report in

 

Annexure B, and

 

(g) In our opinion, the managerial remuneration for the year ended March 31, 2025 has been paid/provided by the Company to its directors in accordance with the provisions of section 197 read with Schedule V to the Act;

 

(h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies given to us: (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations

i. standalone financial statements Refer Notes No. 28. The Company has disclosed the impact of pending litigations as at March 31, 2025 on its financial position in its

 

ii. foreseeable losses Refer Note No. 30. The Company does not have any long-term contracts including derivative contracts for which there were any material

 

iii. during the year ended March 31, 2025 Refer Note No. 30. There was no amount required to be transferred to the Investor Education and Protection Fund by the Company

 

iv. a) notes to the accounts (Refer Note no. 4 & 5), no funds 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 The management has represented that, to the best of its knowledge and belief, other than as disclosed in the in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons person(s) or entity(ies), including foreign entities ("Intermediaries"), with the understanding, whether recorded provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; or entities identified in any manner whatsoever by or on behalf of the company ("Ultimate Beneficiaries") or

b) notes to the accounts (Refer Note no. 14 & 15), no funds have been received by the company from any person(s) or entity(ies), including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing The management has represented, that, to the best of its knowledge and belief, other than as disclosed in the identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide or otherwise, that the company shall, whether, directly or indirectly, lend or invest in other persons or entities we considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and Based on audit procedures which us to believe that the representations under sub clause (i) and (ii) contain any material mis-statement.

 

c) and (b) as specified above contain any material misstatements. nothing has come to their notice that has caused them to believe that the representations under sub-clause (a) v. of the Companies Act, 2013. The company has not declared or paid any dividend during the year in contravention of the provisions of section 123 vii. its books of account for the financial year ended March 31, 2025 Which has a feature of recording audit trail (edit log) Based on our examination, which included test checks, the Company has used accounting Software for maintaining during The course of our audit we did not come ac facility and the same has operated Throughout the year for all relevant transactions recorded in the softwares. Further, ross any instance of the audit trail feature being tampered with.

 

Referred to in Paragraph 7 of our report of even date to the members of URJA GLOBAL LIMITED on the accounts for the year

On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the ended March 31, 2025 course of our audit, we report that:

 

i) a) Plant & Equipment, except to the extent of Investment in Mines Projects, as classified under ‘Property Plant and Equipment’ as capital work in progress and the same has also been covered under pt.2 B) Basis of Qualified Opinion of our Audit Report The company has maintained proper records showing full particulars including quantitative details and situation of Property, of the Standalone Financial Statements.

b) Property, Plant and Equipment and right-of-use assets were physically verified by the management during the year, in accordance with an annual plan of verification, which in our opinion is reasonable having regard to the size of the Company According to the information and explanations given to us and on the basis of our examination of the records of the Company, given to us, no material discrepancies were noticed on such verification. and the nature of the Property Plant and Equipment and right-of-use assets. According to the information and explanation c) the title deeds of immovable properties included in property, plant and equipment are held in the name of the company. According to the information and explanation given to us and on the basis of our examination of the records of the company,

 

d) has not revalued its Property, Plant, and Equipment during the year. Therefore, the provisions of Clause (i)(d) of paragraph 3 of the order are not applicable to the company. According to the information and explanation given to us and on the basis of our examination of the records the company

 

e) Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder. Therefore, the provisions of Clause (i)(e) of paragraph 3 of the order are not applicable to the company. No proceedings have been initiated or are pending against the company for holding any benami property under the Benami

 

ii) a) inventory has been conducted at reasonable intervals during the year, except for inventory lying with third parties. Based on the Management Certificate received for Physical verification of Inventory, the coverage and procedure of such verification According to the information and explanations given to us and as certified by the management, the physical verification of by the management is appropriate and no discrepancies were noticed.

a) institutions on the basis of security of current assets. Therefore, the provisions of Clause (ii)(b) of paragraph 3 of the order are not applicable to the company During any point of time of the year, the company has not been sanctioned any working capital limits, from banks or financial

 

iii) of which: The Company has made investments in, Companies and granted unsecured loans to other parties, during the year, in respect (a) which are given below: The Company has provided loans or advances in the nature of Investments and Loans & Advances during the year, details of

 

 

(Amount in INR Crore)

 

Particulars A. - Subsidiaries Aggregate amount granted /provided during the year:	Loans 3.32	Investments 0.00
B. - Other than Subsidiaries Balance outstanding as at balance sheet date in	3.40	0.00
- Subsidiaries respect of above cases:	0.85	55.31
Other than Subsidiaries	16.10	0.05

 

(a) not prejudicial to the Company’s interest. In our opinion, the investments made and the terms and conditions of the grant of loans, during the year are, prima facie, (b) stipulated and the repayments of principal amounts and receipts of interest are generally regular as per stipulation. In respect of loans granted by the Company, the schedule of repayment of principal and payment of interest has been (c) date. In respect of loans granted by the Company, there is no overdue amount remaining outstanding as at the balance sheet (d) granted to settle the overdue of existing loans given to the same parties. No loan granted by the Company which has fallen due during the year, has been renewed or extended or fresh loans (e) specifying any terms or period of repayment during the year. Hence, reporting under clause 3(iii)(f) is not applicable. The Company has not granted any loans or advances in the nature of loans either repayable on demand or without provided any guarantee or security or granted any advances in the nature of loans, secured or unsecured, to Companies, Firms,The Company has not made investments in Firms and Limited Liability Partnerships during the year. Further the Company has not

iv) 186 of the Act, which regulates ‘Intercorporate Loans & Investments’, the Company failed to, accrue Interest on the following: In our opinion and according to the information and explanations given to us, with reference to the provisions of Section 185 and

 

a. Ltd’, where, the outstanding balance as on 31.03.2025 is of Rs.36,70,00,000/- No Interest has been accrued for the F.Y.2024-25, in respect of Loan from a Promoter Company ‘Nandanvan Commercial Pvt

b. corporates worth Rs.4,16,07,835/- No Interest has been accrued for the F.Y.2024-25, in respect of Loans and Advances given to any person, including body

 

v) within the provision of section 73 to 76 and other relevant provisions of the Companies Act, 2013 and the rules framed there under. In our opinion and according to the information and explanation given to us, the Company has not accepted any deposit from public 31/03/2025 is of Rs.36,70,00,000/- The Company has borrowed a loan from a Promoter Company ‘Nandanvan Commercial Pvt Ltd’, the Outstanding loan amount as on

 

vi) (1) of section 148 of the Companies Act, 2013 for any of services rendered by the company. As informed to us by management, the Central Government has not prescribed the maintenance of cost records under sub section

 

vii) (a) According to information and explanations given to us and on the basis of our examination of the books of account, and in depositing Goods and Services Tax, Professional Tax, Provident Fund, Show Tax, Income Tax and Employees’ State Insurance records, the Company has been generally regular in depositing undisputed statutory dues except that there have been delays with the appropriate authorities.

Fund, Employees’ State Insurance, Income Tax, Value Added Tax, GST and other material statutory dues, were in arrears as on According to information and explanations given to us, there are no undisputed statutory dues payable in respect of Provident March 31, 2025 for a period of more than 6 months from the date they became payable.

(b) According to the information and explanations given to us, there are no dues payable in respect of value added tax, GST, customs duty and excise duty which have not been deposited with appropriate authorities on account of any disputes. The following dues of Service Tax & Income Tax have not been deposited by the company on account of dispute:

Name of the statute	Nature of dues	Amount (Rs.)	Period to which the amount relates	Forum where the dispute is pending
Sales Tax (DVAT)	Value added Tax	0.58	Finan year 2014-15	Joint Commissioner Appellate
Income Tax Act, 1961	Income Tax	0.64	Asst year 2018-19	Commissioner of Income Tax
		1.00	Asst year 2012-13	(Appeals)
		0.78	Finan year 2017-18
		34.24	Finan year 2020-21	GST Appellate Authority
Goods & Service Tax Act, 2017		0.02	Finan year 2023-24
	GST	0.30	Finan year 2018-19	The Company is in the process of filing Appeal
		7.78	Finan years from 2017-18 to
		14.97	2022-23

 

 

viii) ix) (a) made available to us, the Company has not defaulted in repayment of any loans from Financial Institutions or from the Bank On the basis of verification of records and according to the information and explanations given to us and based on the records and has not issued Debentures.

(b) bank or financial institution or other lender In our opinion and according to the information and explanations given to us, Company is not declared wilful defaulter by any (c) which the loans were obtained. In our opinion and according to the information and explanations given to us, the loans were applied for the purpose for (d) which have been utilised for long-term purposes. In our opinion and according to the information and explanations given to us, there are no funds raised on short-term basis (e) entity or person on account of or to meet the obligations of its subsidiaries, associates or joint ventures. In our opinion and according to the information and explanations given to us, the company has not taken any funds from any (f) year on the pledge of securities held in its subsidiaries, joint ventures or associate companies. In our opinion and according to the information and explanations given to us, the company has not raised loans during the

 

x) Company did not raise any moneys by way of public issue/ follow-on offer including debt instruments. available to us, the company has utilized the money raised by way of Term loan for the purpose for which they were raised. The xi) a) Based upon the audit procedures performed and the information and explanations given to us, we report that no fraud by the Company or any fraud on the company by its officers or employees has been noticed or reported during the year. However, we would like to bring the following to the kind attention of members:

 

1) Securities and Exchange Board of India (SEBI) vide its order dated May 13, 2022, has prohibited Urja Global Limited (the Company) and its directors from accessing Securities Market for a period of two years, i.e. till May 12, 2025 of the order read as under: - . The relevant para

"Urja Global Limited (Noticee no. 1) is hereby restrained from buying, selling or otherwise dealing in securities market, either directly or indirectly, in any manner whatsoever, and is further prohibited from accessing the securities market by raising money from public, Non-compliances for period in few Disclosures to be made with Securities and Exchange Board of India (SEBI), as per Regulation 23 of 2 years from the date of this order."

2) disclosure has been made in respect of Loan from a Promoter Company, ‘Nandanvan Commercial Pvt Ltd’ for the period under of SEBI (Listing Regulations and Disclosure Requirements) Regulations, 2015 (LODR) has been observed, as no half-yearly Audit.

 

3) Regulation 34 of SEBI (Listing Regulations and Disclosure Requirements) Regulations, 2015 (LODR) has been observed, for Non-compliances in few Disclosures to be made with Securities and Exchange Board of India (SEBI), as per Regulation 30 and Managerial Persons/ Promoters onwhich Show- Cause notice dated 19the March, 2025 has been issued by SEBI, to the Company and to its Directors/ officers/ Key basis of few complaints received from Investors and also, in respect of Non-disclosure of MOU/ Agreement/ Joint Venture Agreement entered with few entities.

(b) During the year no report under sub-section (12) of section 143 of the Companies Act has been filed by the auditors in Form The Company has submitted their reply on 11th April, 2025 and the matter is pending with SEBI.

ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government. (c) As auditors, we did not receive any whistle-blower complaints during the year.

 

xii) managerial remuneration has been paid/ provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act, 2013. According to the information and explanations given to us and based on the examinations of the records of the company, the

 

xiii) provisions of clause (xii) of Para 3 of the order are not applicable to the company. In our opinion and according to the information and explanations given to us, the company is not a Nidhi Company. Accordingly, the

 

xiv) 188 and 177 of Companies Act, 2013 and the details of such transactions have been disclosed in the Financial Statements as required by the accounting standards and Companies Act, 2013. According to the information and explanations given to us, all transactions with the related parties are in compliance with Section

 

xv) According to the information and explanations given to us, we are of the opinion that:

1) The company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

2) The company has not conducted any Non-Banking Financial or Housing Finance activities during the year.

3) accordingly the provisions of clause 3(xvi) of the Order are not applicable. The company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India,

4) As per the information and explanations received, the group does not have any CIC as part of the group.

 

xvi) (a) According to the information and explanations given to us, the company has an internal audit system commensurate with the size and nature of its business; (b) We have considered the reports of the Internal Auditors for the period under audit;

 

xvii) company has not incurred any cash losses in the financial year and the immediately preceding financial year. According to the information and explanations given to us and based on the audit procedures conducted we are of opinion that the

 

xviii) Order is not applicable There has been no resignation of the statutory auditors during the year and accordingly, the provisions of clause 3(xviii) of the

 

xix) other information accompanying the financial statements, our knowledge of the Board of Directors and management plans and On the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, believe that any material uncertainty exists as on the date of the audit report indicating that company is incapable of meeting its based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to We, however, state that this is not an assurance as to the future viability of the company. 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.

 

xx) assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by 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 nor any as and when they fall due.

 

xxi) of clause 3(xx) of the Order is not applicable.

 

xxii) made available to us, the company has not made any preferential allotment / private placement of shares or fully or partly On the basis of verification of records and according to the information and explanations given to us and based on the records convertible debentures during the year under review.

 

xxiii) transactions with directors or persons connected with him. In our opinion and according to the information and explanations given to us, the company has not entered into non-cash

 

Annexure B" to the Independent Auditor’s Report

Referred to in Paragraph 7 of our report of even date on the Standalone Financial Statements of URJA GLOBAL LIMITED on the accounts for the year ended March 31, 2025 ReportontheInternalFinancialControlsunderClause(i)ofsub-section 3 of Section 143 of We have audited the internal financial controls over financial reporting of CompaniesAct,2013 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date. URJA GLOBAL LIMITED ("the Company") for the year ended on March 31, 2025 The Company’s Management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting Management’sResponsibilityforInternalFinancialControls Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial adherence to the Company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act.

Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based on our audit. We conducted our Auditor’sResponsibility Auditing, issued by the Institute of Chartered Accountants of India and specified under sub-section 10 of Section 143 of the Companies Act, to the extent audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") and the Standards on Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain 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 operated effectively in all material respects. reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting internal control based on the assessed risk. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of misstatement of the financial statements, whether due to fraud or error. financial controls system over financial reporting. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal A Company’s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial MeaningofInternalFinancialControlsoverFinancialReporting internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A Company’s are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (3) provide 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 InherentLimitationsofInternalFinancialControlsoverFinancialReporting financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

In our opinion, the Company has, in all material respects, maintained adequate internal financial controls system over financial reporting as of March 31, QualifiedOpinion control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of 2025, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal Company’s internal financial controls over financial reporting were operating effectively as of March 31, 2025. India except for the effects/possible effects of the material weakness described above on the achievement of the objectives of the control criteria, the of the financial statements of the Company for the year ended March 31, 2025, and the material weakness doesn’t affect our opinion on the standalone We have considered the material weakness identified and reported above in determining the nature, timing, and extent of audit tests applied in our audit financial statements of the Company.

For Uttam Abuwala Ghosh & Associates	Chartered Accountants Firm No. 111184W
	CA.SubhashJhunjhunwala Partner Sd/-
	Membership No. 016331 UDIN: 25016331BMJPPB3616
Place: Mumbai Date: 21-05-2025