Vinny Overseas Ltd Auditor Reports

TO THE MEMBERS OF

VINNY OVERSEAS LIMITED

Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying financial statements of VINNY OVERSEAS LIMITED (the "Company"), which comprise the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date and a summary of significant accounting policies and other explanatory information (hereinafter referred to as the " financial statements").

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 (the "Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules. 20i 5, as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024 and its profit, total comprehensive income, changes in equity and its ,.ash 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 Auditing ("SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described m the Auditors Responsibilities for the Audit of the Financial Statements section or our report. We are independent of the Company in accordance with the Code of Ethics issued by the institute of Chattered Accountants of India ("1CA1") together with the ethical requirements trial are relevant to our audit of the Financial statements under the provisions of the Act and the Rules made thereunder, and we nave fulfilled our other ethical responsibilities 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 Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current pe^riod. These matters were 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 these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

The Key Audit Matter	How the matter was addressed in our Audit
Revenue Recognition:
Revenue is recognized as disclosed in significant accounting policies whereby discount, rate difference and claims are disclosed separately as other expense in Note No-30.	Assessing the appropriateness of the revenue, discount, rate difference and claims by comparing with applicable accounting standards and accounting policy.
Owing to the variety of products, different designs of products, product specifications, credit terms, delivery terms and other terms of supply and job work, discounts, rate difference and claims, recognition and measurement of revenue discount etc involves a significant amount of management judgment and estimation.	Selecting samples of revenue recognition, discounts, rate difference and claims and verifying the underline documents which included sales invoices. Job invoices, credit/debit notes.
	Considering the assumptions and judgments by the company in deciding the discounts, rate difference and claims by reviewing historical trends.
The value of discounts, rate difference and claims together with the level of judgment involved, make its accounting treatment, a significant matter for the audit.	Seeking management explanations and justifications in specific cases and examining and evaluating them with available documentary evidences wherever considered necessary.

Information Other than the Financial Statements and Auditors Report Thereon

The Companys Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the, Boards Report including Annexures to Boards 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 the other information is materially inconsistent with the financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

Boards report including Annexures to Boards report are to be made available to us by company after the date of this report. When we read the same, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance and describe action applicable under the applicable laws and regulation.

Responsibilities of Management and Those Charged with Governance 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, changes in equity and cash flows of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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 the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is 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 scepticism 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 financial 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 opinio., on whether the Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

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 o^f those books except that the audit trail (edit log) recording features commenced on 16/06/2023 instead of on and from 01/04/2023 as stated in Para (h)(vi) below.

c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, Statement of Changes in Equity 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 financial statements comply with the Ind AS specified under Section 133 of the Act.

e) On the basis of the written representations received from the directors as on March 31, 2024 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2024 from being appointed as a director in terms of Section 164(2) of the Act.

0 With respect to the adequacy of the internal financial controls with reference to financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companys internal financial controls with reference to financial statements.

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

h) 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-31 To the Financial statements.

ii. The Company did not have any long-term contracts including derivative contracts.

iii. There has not been an occasion in case of the Company during the year under report to transfer any sums to the Investor Education and Protection Fund.

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 person(s) or entity(ies), 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.

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

Materiality is the magnitude of misstatements .in the financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.

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.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditors Report) Order, 2016 ("the Order"), issued by the Central Government in terms 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 and 4 of the Order, to the extent applicable.

As required by Section 143(3) of the Act, based on our audit 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) The Management has represented, that, to the best of its knowledge and belief, 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 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.

(c) Based on such audit procedures 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 (i) and (ii) of Rule 11(e), as provided in (a) and (b) above, contain any material misstatement.

v. The company has not declared or paid any dividend during the year.

vi. Based on examination which included test checks, in our opinion, the company has used accounting software which has a feature of recording audit trail (edit log) facility and the same has been operated since 16/06/2023 for all transactions recorded in the software on or after 16/06/2023. Further during the course of our audit we did not come across any instance of audit trail feature being tempered with in respect of this accounting software and reporting under Rule 11 (g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per the statutory requirements for record retention is not applicable for the financial year ended March 31,2024.

	FOR, KISHAN M. MEHTA & CO.
	Chartered Accountants.
	Firms Registration No.l05229W
AHMEDABAD.	(KISHAN M MEHTA)
DATE: 30th May, 2024	Partner.
UDIN NO: 24013707BKFGKR6768	M.No.013707

ANNEXURE ‘A TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph l of our report of even date

(i) To the best of our information and according to the explanations provided to us by the Company and the books of account and records examined by us in the normal course of audit, we state that:

A. (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of its property, plant and equipment.

(b) The Company has maintained proper records showing full particulars of intangible assets.

B. According to information and explanations given to us the property, plant and equipment have been physically verified by the management at reasonable interval in phased manner over a period of two years and no material discrepancies have been noticed on such verification.

c. According to the information and explanations given to us and on the basis of our examination of the records of the company, the immovable property being factory building and office is constructed on rented land and hence title deeds of immovable property are not applicable.

D. The Company has not revalued any of its property, plant and equipment (including Right of Use assets) or intangible assets during the year.

h. We have been informed that no proceedings have been initiated or are pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

(i)(a) The inventory has been physically verified by the management during the year at reasonable intervals and in our opinion coverage and procedure of such verification by the management is appropriate and the discrepancies noticed cn physical verification of stocks were not material as the discrepancies are not 10% or more in aggregate of each class of inventories.

(b) According to the information and explanations given to us and on the basis of our examination of the records of the Company, during the year, the company has been sanctioned working capital limits in excess of five crore rupees, in aggregate, from bank on the basis of security of current assets and the quarterly returns or statements filed by the company with such banks are not comparable with books of account, as explained in note no.45(f) in detail the company has not used nearly or less than hal of the limit sanctioned in its business and therefore the company has not provided full value of current assets in its quarterly statements/returns to bank.

(iii) The Company has not made investment, and not provided any security to companies, firms, Limited Liability Partnerships but company has provided guarantee and granted loans.

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

Particulars	Amount Rs. Lakhs
Aggregate amount of loans granted and guarantee provided during the year
Subsidiaries, joint ventures & associates other than subsidiary, joint ventures & associates	574.19
Balance outstanding as at balance sheet date in respect of above cases: Subsidiaries, joint ventur. & associates other than subsidiary, joint ventures & associates	331.45

(h) The terms and condition on which loans and advances in the nature of loan and guarantee provided by the company are not prejudicial to companys interest.

(c) Loans and advances in the nature of loans granted are repayable on demand so no schedule of repayment of principal and interest has been stipulated and thereby regularity of repayments or receipts of principal and interest cannot be commented upon.

(d) As no schedule for repayment of principal and payment of interest has been stipulated in respect of loans and advances in nature of loans, we cannot comment on whether the amount is overdue for more than ninety days or not.

(e) As no schedule for repayment of principal and payment of interest has been stipulated in respect of loans and advances in nature of loans , we are unable to comment, whether any loan granted by the Company which has fallen due during the year, or has been renewed or extended or fresh loans granted to settle the over dues of existing loans given to the same party.

(f) The Company has granted loans or advances in the nature of loans on interest, repayable on demand without specifying any terms or period of repayment. The aggregate amount of such loans are Rs.500 Lakhs i.e. 100% of the total loans granted and the aggregate amount of loans granted to promoters , and related parties as defined in clause (76) of section 2 of the Act is Rs. Nil.

(iv) According to information and explanations given to us, the company has not made investment or provided any security pursuant to section 185 and 186 of the Act. In regard to loans and guarantee given, provisions of section 185 & 186 of the Act. are complied with.

(v) The company has not accepted any deposits during the year from public within the meaning of the provisions of Section 73 to 76 of the Act and rules made thereunder.

(vi) We have broadly reviewed the books of account maintained by the company pursuant to the rules made by the Central Government of India, regarding the maintenance of cost records under sub section 1 of section 148 of the companies Act, 2013 and are of the opinion that prima facie, the prescribed accounts and records have been maintained. We have, however not made a detailed examination of the records with a view to determine whether they are accurate or complete.

(vii) (a) According to the information and explanations given to us and the records examined by us, the company is regular in depositing with appropriate authorities the undisputed statutory dues including goods & Service Tax Provident Fund, Employees State Insurance, Income-tax, Sales Tax, Service tax , Duty of Customs, Duty of excise, Value Added Tax, Cess and any other statutory dues applicable to it and there are no such undisputed amount payable which are in arrears as at March 31. 2024 for a period of more than six months from the date they became payable

(b)According to the information and explanations given to us and based on the records of the company examined by us, there are no statutory dues referred to in sub-clause (a) which have not been deposited on account of any disputes except as follows:

Name of the statute	Nature of dues	Period of which the amount relates	Forum where the dispute is pending	Amount (Lakhs.)
Income Tax Act. 1961	Income Tax	2016-2017	Commissioner of Income Tax (Appeals)	48.89

(viii) According to the information and explanation given to us and based on our examination of the records, the company has not entered into any transactions, which are not recorded in the books of accounts but surrendered/disclosed as income during the year in the tax assessment under Income Tax Act, 1961.

(ix) (a) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of loans or other borrowings or in the payment of interest to any lender thereon.

(b) The Company has not been declared wilful defaulter by any bank or financial institution or government or anv central authority.

(c) According to the information and explanations given to us and in our opinion the term loan raised during the year have been applied for the purpose for which they were obtained.

(d) According to the information and explanations given to us and on an overall examination of the financial statement of the Company, we report that no funds raised on short-term basis have been used for long-term purposes by the company.

(e) The Company does not have any subsidiary, associate or joint venture, hence clause (e) &(f) of paragraph 3 of the Order is not applicable to the Company during the year.

(x)(a) As the Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) during the year. Clause (x) (a) of paragraph 3 of the Order is not applicable to the company.

(b) The company has not made any preferential allotment or private placement of shares or convertible debentures (fully, partially or optionally convertible) during the year.

(xi)(a) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the year.

(b) As no fraud in the company by its officers or employees has been noticed during the course of our audit, the auditors are not required to file form ADT-4.

(c) According to the information and explanation given to us, no whistle-blower complaints have been received during the year by the company.

(xii) As the company is not a Nidhi Company, clause (xii) (a), (b) & (c) of paragraph 3 of the order is not applicable to the Company.

(xiii) According to the information and explanations given to us and based on our examination of the records of the company, transactions with the related parties are in compliance with sections 177 and 188 of the Act. where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.

(xiv) The company has an internal audit system during the year commensurate with the size and nature of its business.

(b) We have considered the report of internal Audit for the year under audit.

(xv) In our opinion and according to the information and explanations given to us, during the year the Company has not entered into any non-cash transactions with its Directors or persons connected to its directors and hence provisions of section 192 of the Companies Act, 2013 are not applicable to the Company.

(xvi) a) According to information and explanation o us, the company is not required to be registered under section 45-1A of the Reserve Bank of India Act. 1934, hence clause (xvi) (a) of paragraph 3 of the order is not applicable to the company.

b) According to information and explanation to us, the company is not engaged in any non-banking financial or housing finance activities, hence clause (xvi) (b) of paragraph 3 of the order is not applicable to the company.

c) According to information and explanation to us, the company is not a core investment company as defined in the regulations made by reserve bank of India, hence clause (xvi) (c) of paragraph 3 of the order is not applicable to the company.

d) According to information and explanation to us, there is no core investment company as a part of the group, hence clause (xvi) (d) of paragraph 3 of the order is not applicable to the company.

(xvii) The Company has not incurred cash losses during the financial year and in the immediately preceding financial year.

(xviii) During the year, there has been no resignation of the statutory auditors, hence clause (xviii) of paragraph 3 of the order is not applicable to the company.

(xix) On the basis of the financial ratios, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying the financial statements and 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 indicating 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, wiil get discharged by the Company as and when they fall due.

i\x) According to information and explanations given to us and according to records produced before us, we are of the opinion that Section 135 of the Companies Act regarding Corporate Social Responsibility is not applicable to the company and hence disclosures regarding the same in clause (xx) (a) & (b) of paragraph 3 of the order are not required to be made by the company.

(xxi) Company does not have any subsidiary company and hence reporting regarding audit of subsidiary company is not required to be made.

	FOR, KISHAN M. MEHTA & CO.
	Chartered Accountants.
	Firms Registration No.l05229W
AHMEDABAD.	(KISHAN M MEHTA)
DATE: 30th May, 2024	Partner.
UDIN NO: 24013707BKFGKR6768	M.No.013707

ANN EXT j RE "B" TO THE INDEPENDENT AUDITORS REPORT

Report on the Internal Financial Controls with reference to Financials Statements 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 VINNY OVERSEAS LIMITED (the "Company") as of March 31, 2024 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

I lie Companys Management is responsible for establishing and maintaining internal financial controls with reference to financial statements 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 (the "ICAI"). These responsibilities include the df.-ign, 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 respective 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 Act.

Auditors Responsibility

Our responsibility Is to express an. opinion on the Companys internal financial controls with reference to 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") issued by the ICAI and the Standards on Auditing prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls with reference to 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 with reference to 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 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 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 oi 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 financial statements.

Meaning of internal Financial Controls with reference to financial statements

A companys internal financial control 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 control 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 over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls 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, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an 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, 2024, based on the criteria for internal financial control with reference to financial statements 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 ICAI.

	FOR, KISHAN M. MEHTA & CO.
	Chartered Accountants.
	Firms Registration No.l05229W
AHMEDABAD.	(KISHAN M MEHTA)
DATE: 30th May, 2024	Partner.
UDIN NO: 24013707BKFGKR6768	M.No.013707