Uttam Value Steels Ltd Auditor Reports

To the Members of Evonith Value Steel Limited

Report on the Audit of the Financial Statements
Opinion

We have audited the accompanying financial statements of Evonith Value Steel Limited ("the
Company"), which comprise the Balance sheet as at March 31 2025, the Statement of Profit and Loss,
including the statement of Other Comprehensive Income, the Cash Flow Statement and the Statement
of Changes in Equity for the year then ended, and notes to the financial statements, including a summary
of material accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid financial statements give the information required by the Companies Act, 2013, as amended
("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, its
loss including other comprehensive income, its cash flows and the changes in equity for the year ended
on that date.

Basis for Opinion

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

Other Information

The Companys Board of Directors is responsible for the other information. The other information
comprises the information included in the Annual report, but does not include the financial statements
and our auditors report thereon.

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

In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether such other information is materially inconsistent with
the financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated. If, based on the work we have performed, we conclude that there is a material misstatement
of this other information, we are required to report that fact. We have nothing to report in this regard.

Evonith Value Steel Limited

Independent auditors report for the year ended March 31, 2025
Responsibility of Management for the Financial Statements

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Act
with respect to the preparation of these financial statements that give a true and fair view of the financial
position, financial performance including other comprehensive income, cash flows and changes in
equity of the Company in accordance with the accounting principles generally accepted in India,
including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with
the Companies (Indian Accounting Standards) Rules, 2015, as amended. This responsibility also
includes maintenance of adequate accounting records in accordance with the provisions of the Act for
safeguarding of 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 the 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.

In preparing the financial statements, management is responsible for assessing the Companys ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless management either intends to liquidate the Company or to
cease operations, or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Companys financial reporting process.
Auditors Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the 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 could reasonably be expected to influence the economic decisions of users taken on the
basis of these financial statements.

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

• Identify and assess the risks of material misstatement of the 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
detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.

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

^ controls.

Evonith Value Steel Limited

Independent auditors report for the year ended March 31, 2025

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

• Conclude on the appropriateness of managements use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Companys ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in our
auditors report to the related disclosures in the 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 conditions may cause the Company to
cease to continue as a going concern.

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

We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify 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 relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 ("the Order"), issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Act, we give in the
"Annexure 1" a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act, we report, to the extent applicable, 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 accounts as required by the law have been kept by the Company
so far as it appears from our examination of those books, except for the matters stated in the
paragraph (i)(vi) below on the reporting under Rule 11 (g);

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

(d) In our opinion, the aforesaid financial statements comply with the Accounting Standards
specified under Section 133 of the Act, read with Companies (Indian Accounting Standards)
Rules, 2015, as amended;

Evonith Value Steel Limited

Independent auditors report for the year ended March 31, 2025

(e) On the basis of the written representations received from the directors as on March 31, 2025
taken on record by the Board of Directors, none of the directors is disqualified as on
March 31, 2025 from being appointed as a director in terms of Section 164 (2) of the Act;

(f) The modification relating to the maintenance of accounts and other matters connected therewith
are as stated in paragraph (b) above on reporting under section 143(3)(b) and paragraph [(i)(vi)]
below on reporting under Rule 11(g).

(g) With respect to the adequacy of the internal financial controls with reference to these financial
statements and the operating effectiveness of such controls, refer to our separate Report in
"Annexure 2" to this report;

(h) 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;

(i) 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, as amended in our opinion and to
the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in
its financial statements - Refer Note 33 to the financial statements;

ii. The Company did not have any long-term contracts including derivate contracts for which
there were any material foreseeable losses;

iii. There were no amounts which were required to be transferred to the Investor Education
and Protection Fund by the Company.

iv. a) The management has represented that, to the best of its knowledge and belief, no funds
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 persons or entities,
including foreign entities ("Intermediaries"), with the understanding, whether recorded in
writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or
invest in other persons or entities identified in any manner whatsoever by or on behalf of
the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries;

b) The management has represented that, to the best of its knowledge and belief, no funds
have been received by the Company from any persons or entities, including foreign entities
("Funding Parties"), with the understanding, whether recorded in writing or otherwise,
that the Company shall, whether, directly or indirectly, lend or invest in other persons or
entities identified in any manner whatsoever by or on behalf of the Funding Party
("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries; and

Evonith Value Steel Limited

Independent auditors report for the year ended March 31, 2025

c) Based on such audit procedures performed that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused us to
believe that the representations under sub-clause (a) and (b) contain any material
misstatement.

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

vi. Based on our examination which included test checks, the Company has used accounting
software for maintaining its books of account which has a feature of recording audit trail
(edit log) facility and the same has operated throughout the year for all relevant
transactions recorded in the software except that, audit trail feature is not enabled for
certain changes made, if any, using privileged/ administrative access rights, as described
in note 45 to the financial statements. Further, during the course of our audit we did not
come across any instance of audit trail feature being tampered with, in respect of
accounting software where the audit trail has been enabled. Additionally, the audit trail of
prior year has been preserved by the Company as per the statutoiy requirements for record
retention to the extent it was enabled and recorded.

Page 5 of 13

Evonith Value Steel Limited

Independent auditors report for the year ended March 31, 2025

Annexure 1 referred to in Paragraph 1 of the section on "Report on other legal and regulatory

requirements" of our report of even date

Re: Evonith Value Steel Limited

In terms of the information and explanations sought by us and given by the Company and the books of

account and records examined by us in the normal course of audit and to the best of our knowledge and

belief, we state that:

(i)(a)(A) The Company has maintained proper records showing full particulars, including
quantitative details and situation of Property, Plant and Equipment.

(i)(a)(B) The Company has maintained proper records showing full particulars of intangibles assets.

(i)(b) Property, plant and equipment were physically verified by the management in accordance

with a planned programme of verifying them over a period of three years which is
reasonable having regards to the size of the Company and the nature of its assets. No
material discrepancies were identified on such verification.

(i)(c) The tittle deeds of immovable properties (other than properties where the Company is the

lessee and lease agreements are duly executed in favour of the lessee) disclosed in note 2
to the financial statements are held in the name of the Company except 26 parcels of
immovable properties as indicated in the below mentioned cases as at March 31, 2025 for
which title deeds were not available with the Company and hence we are unable to
comment on the same.

Amount (INR in crores)

Description of property	Gross carrying value	Held in name of	Whether promoter, director or their relative or employee	Period held - indicate range where appropriate	Reason for not being held in the name of the Company
In respect of 26 parcels of land	0.28	Vidarbha Power Private Limited (Formerly Known as Vidarbha Power Limited)	No	2008-09	While pursuing the resolution plan in accordance with IBC, 2016, to acquire the Company, it was noticed that the title to certain land parcels were not in the name of the Company. Management is in the process to regularise the title in the name of the Company.

Evonith Value Steel Limited

Independent auditors report for the year ended March 31, 2025

(i)(d) The Company has not revalued its Property, Plant and Equipment (Including Right of use

assets) or intangible assets during the year ended March 31, 2025

(i) (e) As represented to us by the management of the Company, there are no proceedings initiated

or are pending against the Company for holding any benami property under the Prohibition
of Benami Property Transactions Act, 1988 and rules made thereunder.

(ii) (a) Physical verification of inventory has been conducted at reasonable intervals during the

year by management including for inventories lying with third parties. In our opinion, the
coverage and procedure of such verification by the management is appropriate. There were
no discrepancies of 10% or more noticed, in aggregate for each class of inventory.

(ii) (b) As disclosed in note 20 to the financial statements, the Company has been sanctioned

working capital limits in excess of Rs. five crores in aggregate from banks during the year
on the basis of security of current assets of the Company. Based on the records examined
by us in the normal course of audit of the financial statements, the quarterly
retums/statements filed by the Company with such banks are in agreement with the
unaudited books of accounts of the Company. Further The Company has not been
sanctioned working capital limits in excess of Rs. five cores in aggregate from financial
institutions during any point of time of the year on the basis of security of current assets.

(iii) (a) During the year the Company has not provided loan, advances in the nature of loans, or

provide security to companies, firms, Limited Liability Partnership or any other parties.
Further, during the year the company had stood guarantees to company.

Particular	Guarantees (in Crores)
Aggregate amount granted /provided during the year
- Others	1,347
Balance outstanding as at balance sheet date in respect of above cases - Others	1,347

Evonith Value Steel Limited

Independent auditors report for the year ended March 31, 2025

(iii)(b) During the year the Company has not made investments, provided security and granted
loans and advances in the nature of loans to, companies, firms, Limited Liability
Partnerships or any other parties. During the year the guarantees provided and the terms
and conditions of the guarantees given to companies are not prejudicial to the Companys
interest.

(iii) (c) The Company has not granted loan and advances in the nature of loan during the year to

companies, firms, Limited Liability Partnerships or any other parties. Accordingly, the
requirement to report on clause 3(iii)(c), (d), (e) and (f) of the order are not applicable to
the company.

(iv) Guarantees in respect of which provision of section 185 and 186 of the companies Act,
2013 are applicable have been complied with by the Company. There are no loans,
investments and security in respect of which provision of section 185 and 186 apply and
hence not commented upon.

(v) The Company has neither accepted any deposits from the public nor accepted any amounts
which are deemed to be deposits within the meaning of sections 73 to 76 of the Companies
Act and the rules made thereunder, to the extent applicable. Accordingly, the requirement
to report on clause 3(v) of the Order is not applicable to the Company.

(vi) We have broadly reviewed the books of accounts maintained by the company pursuant to
the rules made by Central Government for the maintenance of cost records under section
148 (1) of the Companies Act, 2013, related to the manufacture of Steel, and are of the
opinion that prima facie, the specified accounts and records have been made and
maintained. We have not, however, made a detailed examination of the same.

(vii) (a) The Company is regular in depositing with appropriate authorities undisputed statutory

dues including goods and services tax, provident fund, employees state insurance,
income-tax, duty of customs, cess and other statutory dues applicable to it. According to
the information and explanations given to us and based on audit procedures performed by
us, no undisputed amounts payable in respect of these statutory dues were outstanding, at
the year ended, for a period of more than six months from the date they became payable.

(vii) (b) There are no dues of goods and services tax, provident fund, employee state insurance,

income-tax, custom duty, cess, and other statutory dues which have not been deposited on
account of any dispute.

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

(ix)(a) The Company has not defaulted in repayment of loans or other borrowings or in the
payment of interest thereon to any lender.

ix)(b) As represented to us by the management of the Company, the Company has not been
declared willful defaulter by any bank or financial institution or government or any
government authority.

(ix)(c) Term loans were applied for the purpose for which loans were obtained.

(ix)(d) On an overall examination of the financial statements of the Company, no funds raised on
short-term basis have been used for long-term purposes by the Company.

(ix) (e) The Company does not have any subsidiary, associate or joint venture. Accordingly, the

requirement to report on clause 3(ix)(e) and (f) of the order is not applicable to the

Company.

(x) (a) The Company has not raised any money during the year by way of initial public offer

(including debt instruments) hence, the requirement to report on clause 3(x)(a) of the Order
is not applicable to the Company.

(x) (b) The Company has not made any preferential allotment or private placement of shares /fully

or partially or optionally convertible debentures during the year under audit and hence, the
requirement to report on clause 3(x)(b) of the Order is not applicable to the Company.

(xi) (a) No Material fraud by the Company and no material fraud on the Company has been noticed

or reported during the year.

(xi)(b) During the year, no report under sub-section (12) of section 143 of the Companies Act,
2013 has been filed by us in Form ADT - 4 as prescribed under Rule 13 of Companies
(Audit and Auditors) Rules, 2014 with the Central Government. Further, as represented to
us by the management, no report under sub-section (12) of section 143 of the Companies
Act, 2013 has been filed by cost auditor or secretarial auditor in Form ADT - 4 as
prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central
Government.

(xi) (c) As represented to us by the management, there are no whistle blower complaints received

by the companies during the year.

(xii) The Company is not a Nidhi Company as per the provisions of the Companies Act, 2013.
Therefore, the requirements to report on clause 3(xii)(a), (b) and (c) of the Order are not
applicable to the Company.

(xiii) Transactions with the related parties are in compliance with section 177 and sections 188
of Companies Act, 2013 where applicable and the details have been disclosed in the notes
to the financial statements, as required by the applicable accounting standards.

S R B C & CO LLP

Chartered Accountants

Evonith Value Steel Limited

Independent auditors report for the year ended March 31, 2025

(xiv)(a) The Company has an internal audit system commensurate with the size and nature of its
business.

(xiv)(b)

(XV)

(xvi)(a)

(xvi)(b)

(xvi)(c)(d)

(xvii)

(xviii)

(xix)

The Internal audit reports of the company issued till the date of audit report, for the period
under audit have been considered by us.

The Company has not entered into any non-cash transactions with its directors or persons
connected with its directors and hence requirement to report on clause 3(xv) of the Order
is not applicable to the Company.

The provisions of section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934) are
not applicable to the Company. Accordingly, the requirements to report on clause (xvi) (a)
of the Order are not applicable to the Company.

The Company is not engaged in any Non-Banking Financial or Housing Finance activities.
Accordingly, the requirement to report on clause (xvi)(b) of the Order is not applicable to
the Company.

As represented to us by management the Company is not a Core Investment Company as
defined in the regulations made by Reserve Bank of India and as represented to us by
management, there is no Core Investment Company as a part of the Group. Accordingly,
the requirement to report on clause 3(xvi)(c) and 3(xvi)(d) of the Order is not applicable
to the Company.

The Company has incurred cash losses amounting to Rs. 134.58 crores in the current year.
Further the Company has not incurred cash losses in the immediately preceding financial
year.

There has been no resignation of the statutory auditors during the year and accordingly
requirement to report on Clause 3(xviii) of the Order is not applicable to the Company.

On the basis of the financial ratios disclosed in note 41 to the financial statements, 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 exists as on the date of the audit report that Company is not capable
of meeting its liabilities existing at the date of balance sheet as and when they fall due
within a period of one year from the balance sheet date. We, however, state that this is not
an assurance as to the future viability of the Company. We further state that our reporting
is based on the facts up to the date of the audit report and we neither give any guarantee
nor 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.

Page 10 of 14

S R B C &COLLP

Chartered Accountants

Evonith Value Steel Limited

Independent auditors report for the year ended March 31, 2025

(xx)(a) In respect of other than ongoing projects, there are no unspent amounts that are required
to be transferred to a fund specified in Schedule VII of the Companies Act (the Act), in
compliance with second proviso to sub section 5 of section 135 of the Act. This matter has
been disclosed in note 42 to the financial statement.

(xx)(b) There are no amounts in respect of ongoing projects, that are required to be transferred to
a special account in compliance of provision of sub section (6) of section 135 ofCompanies
Act. This matter has been disclosed in note 42 to the financial statement.

For S R B C & CO LLP

Chartered Accountants

ICAI Firm Registration Number: 324982E/E300003

Membership Number: 118476
UDIN: 25118746BMOLEF1852
Place of Signature: Mumbai
Date: June 17, 2025

Page 11 of 13

SRBC&COLLP

Chartered Accountants

Evonith Value Steel Limited

Independent auditors report for the year ended March 31, 2025

Annexurc 2 to the Independent Auditors Report of even date on the financial statements of
Evonith Value Steel Limited

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the
Companies Act, 2013 ("the Act")

We have audited the internal financial controls with reference to financial statements of Evonith Value
Steel Limited ("the Company") as of March 31, 2025 in conjunction with our 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 stated in 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 the Companys policies, the safeguarding of its assets, the prevention
and detection of frauds and errors, the accuracy and completeness of the accounting records, and the
timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls with reference
to these financial statements 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, as specified under section 143(10) of the Act, to the extent applicable
to an audit of internal financial controls, both issued by ICAI. 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 with reference to these financial statements
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 with reference to these financial statements and their operating effectiveness. Our
audit of internal financial controls with reference to financial statements included obtaining an
understanding of internal financial controls with reference to these financial statements, assessing the
risk that a material weakness exists, and testing and evaluating the design and operating effectiveness
of internal control based on the assessed risk. The procedures selected depend on the auditors
judgement, including the assessment of the risks of material misstatement of the financial statements,
whether due to fraud or error.

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 with reference to these financial

statements.

Page 12 of 13

Meaning of Internal Financial Controls with Reference to these Financial Statements

A companys internal financial controls with reference to financial statements 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 controls with reference to financial statements 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.

Inherent Limitations of Internal Financial Controls with Reference to Financial Statements

Because of the inherent limitations of internal financial controls with reference to financial statements,
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 with reference to financial statements to future periods are subject to
the risk that the internal financial control with reference to financial statements may become inadequate
because of changes in conditions, or that the degree of compliance with the policies or procedures may
deteriorate.

Opinion

In our opinion, the Company has, in all material respects, adequate internal financial controls with
reference to financial statements and such internal financial controls with reference to financial
statements were operating effectively as at March 31, 2025, based on the internal control over financial
reporting criteria established by the Company considering the essential components of internal control
stated in the Guidance Note issued by the ICAI.

For S R B C & CO LLP

Chartered Accountants

ICAI Firm Registration Number: 324982E/E3OOOfLL^ ^

 

per Prltesh Maheshwari

Partner

Membership Number: 118476

UDIN: 25118746BMOLEF1852

Place of Signature: Mumbai

Date: June 17, 2025