Virtualsoft Systems Ltd Auditor Reports

To the Members of VirtualSoft Systems Limited Report on the Audit of the Standalone Financial Statements

Qualified Opini?n

We have audited the accompanying Standalone Financial Statements of Virtualsoft Systems Limited ("the Company"), which comprise the Balance Sheet as at 31 March 2024, the Statement of Profit and Loss (including the Other Comprehensive Income), the Cash Flow Statement and the Statement of changes in equity for the year then ended, and notes to the Standalone Financial Statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as the "Standalone Financial Statements").

In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matter described in the Qualified Opinion section of "Annexure-B Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act,2013" section of our report, the aforesaid Standalone 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 Accounting Standards specified under section 133 of the Act, read with (the Companies (Indian Accounting Standards) Rules, 2023) and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2024, and its deficit, cash flows and changes in equity for the year ended on that date.

Basis for Qualified Opinion

We conducted our audit of the Standalone 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 Standalone 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 (ICAI) together with the ethical requirements that are relevant to our audit of the Standalone 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 Standalone 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 Standalone 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. 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	Our audit procedures on adoption of Ind AS 115, Revenue from contracts with Customers (‘Ind AS 115), which is the new revenue accounting standard, includes:
The management is of the opinion that it controls the goods before transferring them to the customer.	• Evaluation of the design and implementation of the processes and internal controls relating to implementation of the new revenue accounting standard;
The variety of terms that define when controls are transferred to the customer, as well as the high value of the transactions, give rise to the risk that revenue is not recognized in the appropriate accounting period.	• Selection of samples of both continuing and new contracts for
Revenue is measured net of returns and allowances, trade discounts and volume rebates (collectively ‘Discount and rebates).	- testing of operating effectiveness of the internal control
There is a risk that these discount and rebates are incorrectly recorded as it also requires ascertain degree of estimation, resulting in understatement of the associated expenses and accrual.	- identification of contract wise performance obligations and
Accordingly, due to the significant risk associated with revenue recognition in accordance with terms of Ind AS 115 ‘Revenue from Contracts with Customers, it was determined to be a key audit matter in our audit of the Ind AS Financial Statements	- Determination of transaction price.
	• Verifying managements assessment of contractual arrangements including those relating to income from supplier rebates, terms of contract and commercial substance thereof in order to assess the adherence to revised accounting policies in light of the requirements of Ind AS 115.
	• Selecting samples of contractual arrangements, testing managements assessment of the applicability of the standard to such arrangements, identification of distinct performance obligations and determination of transaction prices.
	• Additionally, we also evaluated the adequacy of disclosures made in the financial statements.

Emphasis of Matter

The companys net worth has been completely eroded, with a net worth of (-) INR 1,119.85 lakh as of 31st March 2024. The accumulated losses for the year ending 31st March 2024 amount to INR 2,149.61 lakh, according to the maintained books of accounts. Refer to Notes to Accounts No. 44, which states that "there are plans either to add other lines of business or to renew existing operations. Accordingly, the financial statements have been prepared on the basis of the going concern assumption."

Information Other than the Standalone Financial Statements and Auditors Report Thereon

The companys Board of Directors is responsible for the preparation of other information. The other information comprises the information included in the Management Discussion and Analysis, Directors Report including annexure to Directors Report included in the annual report of the but does not include the Standalone Financial Statements and our auditors report thereon.

Our opinion on the Standalone 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 Standalone Financial Statements, our responsibility is to read the other

information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the Standalone Financial Statements or our knowledge obtained during the course of 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 the facts. We have nothing to report in this regard.

Managements Responsibilities for the Standalone 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 standalone Financial Statements that give a true and fair view of the financial position, financial performance, statement of changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards as specified under section 133 of the Act. 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 Standalone Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone 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 Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the Standalone 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone Financial Statements.

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

• Identify and assess the risks of material misstatement of the Standalone Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not 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 an adequate internal financial controls system in place and the operating effectiveness of such controls.

• 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 Standalone 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 Standalone Financial Statements, including the disclosures, and whether the Standalone Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the Standalone Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Standalone 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 Standalone 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 Standalone 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.

Other Matter

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 "Annexure A" 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 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 company do not have the branch offices as per information provided to us hence the reporting on "the report on the accounts of any branch office of the company audited under sub-section (8) by a person other than the companys auditor has been sent to him under the proviso to that sub-section and the manner in which he has dealt with it in preparing his report" is not applicable in this case;

(d) The Balance Sheet, the Statement of Profit and Loss, the Cash Flow Statement and the Statement of changes in equity dealt with by this Report are in agreement with the books of account;

(e) In our opinion, the aforesaid Standalone Financial Statements comply with the Indian Accounting Standards as specified under section 133 of the Act;

(f) 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

(g) With respect to the adequacy of the internal financial controls over financial reporting of the Company and operating effectiveness of such controls, refer

to our separate report in "Annexure- B". Our report expresses a qualified opinion on the adequacy and operating effectiveness of the Companys internal financial controls with reference to Standalone Financial Statements.

(h) 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.

(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 does not have any pending litigations as on 31.03.2024 which would impact its financial position;

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

iii. Following are the instances of delay in transferring amounts required to be transferred to the Investor Education and Protection Fund by the Company:.

Year	Amount(Rs)
1996-1997	27,390/-
1997-1998	43,850/-

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;

(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; and

(C) Based on audit procedures which we considered reasonable and appropriate in the circumstances, nothing has come to their notice that has caused them to believe that the representations under sub-clause (i) and (ii) contain any material misstatement.

v. The company has not declared or paid any dividend during the year in contravention of the provisions of section 123 of the Companies Act, 2013.

vi. Based on our examination, which included test checks, the Company has used accounting software for maintaining its books of account for the financial year ended March 31, 2024, 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. Further, during the course of our audit we did not come across any instance of the audit trail feature being tampered with.

vii. As proviso to Rule 3(1) of the Companies (Accounts)

Rules, 2014 is applicable from April 1, 2023, reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail. The company utilized accounting software with an audit trail (edit log) feature, which remained operational throughout the year for all recorded transactions and was not tampered with. Furthermore, the responsibility for retaining the audit trail in accordance with statutory requirements lies with the company."

For Rajesh Raj Gupta & Associates LLP

Chartered Accountants

(FRN No.026338N/N500357)

CA. MANOJ KUMAR

Partner

Membership No. 521409

UDIN: 24521409BKCRVY8179

Date: 30-05-2024

Place: New Delhi

Annexure ‘A

Annexure-A to the Independent Auditors Report to the Members of Virtualsoft Systems Limited on the standalone financial statements for the year ended 31st March 2024

Report on the matter specified in paragraph 3 of the Companies (Auditors Report) Order, 2020 ("the Oder") issued by the Central Government of India in terms of Section 143(11) of the Companies Act, 2013 ("the Act") as referred to in paragraph 1 under the heading "Report on other legal and regulatory requirements" of our report of even date

i. In respect of the Companys property, plant and equipment, right-of-use assets and intangible assets:

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

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

b) In our opinion property, plant and equipment have been physically verified by the management at reasonable intervals. No material discrepancies were noticed on such verification during the year.

c) Details of immovable properties, which are not held in the name of the company, this clause not applicable to the Company.

d) The Company has not revalued any of its property, plant and equipment (including right-of-use assets) and intangible assets during the year.

e) No proceedings have been initiated and are pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder. Therefore, reporting under this sub-clause is not required.

ii. a) The company does not have any inventory. Therefore, reporting under this clause is not applicable.

b) The company has not been sanctioned working capital limits in excess of five crore rupees during the year in aggregate, from banks or financial institutions on the basis of security of current assets;

iii. The company has not made any investments in, provided any guarantee or security or granted any loans or advances in the nature of loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or any other parties. Therefore, reporting under this clause is not applicable.

iv. In our opinion and according to the information and explanation given to us, there are no loans, investments, guarantees and securities given in respect of which provisions of section 185 and 186 of the Act, are applicable.

v. According to the information and explanations given to us, the company has not accepted any deposits from the public within the meaning of Sections 73 to 76 of the Act and the Rules framed there under to the extent notified. Hence the provision of clause (v) of paragraph 3 of the order are not applicable to the company.

vi. As per the information and explanation given to us, The Central Government has not prescribed the maintenance of cost records under section 148(1) of the Act, for the products of the company.

vii. According to the information and explanation given to us and on the basis of our examinations of the records of the company. The company is regular in depositing the undisputed statutory dues including goods and services Tax, provident fund, employees state insurance, income- tax, sales-tax, service tax, value added tax, cess and any other statutory dues to the appropriate authorities.

There were no undisputed amounts payable in respect of aforesaid dues were outstanding as at March 31, 2024 for a period of more than six months from the date of becoming payable except the followings: -

The amounts required to be transferred to the Investor Education and Protection Fund by the Company: -

Year	Amount (Rs)
1996-1997	27,390/-
1997-1998	43,850/-

viii. In our opinion and as per the information and explanation given to us, there are no transactions relating to previously unrecorded income that have been surrendered or disclosed as income during the year in the Tax Assessment under the Income tax Act, 1961(43 of 1961).

ix. a) As per the information and explanation given to us, the company has not taken any loans and borrowings during the financial year. Therefore, reporting under this clause is not applicable.

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

c) The Company has not taken any term loan during the year and there are no outstanding term loans at the beginning of the year and hence, reporting under clause 3(ix)(c) of the Order is not applicable.

d) On an overall examination of the financial statements of the Company, funds raised on short-term basis have, prima facie, not been used during the year for long-term purposes by the Company.

e) On an overall examination of the financial statements of the Company, the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries.

f) The Company has not raised any loans during the year and hence reporting on clause 3(ix)(f) of the Order is not applicable

x. a) In our opinion and as per the information and explanation given to us, the company has not raised money by way of initial public offer or further public offer. Hence reporting under this clause is not applicable to the company.

b) In our opinion and as per the information and explanation given to us, the company has not made any preferential allotment or private placement of shares or convertible debentures (fully, partially or optionally convertible) during the year. Hence reporting under this clause is not applicable to the company.

xi. a) According to the information and records furnished to us, no material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the year.

b) No report under subsection (12) of section 143 of Companies Act has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government during the year and upto date of this report in view of sub clause (a) above.

c) As auditors, we did not receive any whistle- blower complaint during the year.

xii. In our opinion and according to the information and explanations given to us, the Company is not a Nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable.

xiii. In our opinion, the Company is in compliance with Section 177 and 188 of the Companies Act, 2013 with respect to applicable transactions with the related parties and the details of related party transactions have been disclosed in the Standalone Financial Statements as required by the applicable accounting standards.

xiv. a) In our opinion, the Company has an adequate internal audit system commensurate with the size and the nature of its business.

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

xv. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.

xvi. The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934. Accordingly, clause (xvi) (a) to (d) of Paragraph 3 is not applicable.

xvii. According to the information and explanations given to us and based on our examination of the records of the Company, the company has incurred a net cash loss of INR 98.69 lakh (March 2023: INR 82.42 lakh) from operating activities.

xviii. According to the information and explanations given to us and based on our examination of the records of the Company, there was a change in the statutory auditor of the company. Krishna Neeraj & Associates has submitted its resignation from statutory audit on 19th December

2023, and we (Rajesh Raj Gupta & Associates LLP) were appointed as statutory audit with effect from 14th February, 2024.

xix. According to the information and explanations given to us and based on our examination of the records of the Company, the financial ratios, ageing and expected dates of realization 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 assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to date of 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 fall due.

xx. According to the information and explanations given to us and based on our examination of the records of the company, no amount has been incurred towards CSR expenses based on the loss for the period.

For Rajesh Raj Gupta & Associates LLP

Chartered Accountants

(FRN No.026338N/N500357)

CA. MANOJ KUMAR

Partner

Membership No. 521409

UDIN: 24521409BKCRVY8179

Date: 30-05-2024

Place: New Delhi

Annexure- B to the Auditors Report

"Annexure B" to the Independent Auditors Report of even date on the Standalone Financial Statements of Virtualsoft Systems Limited

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

We have audited the internal flnancial Controls over financial reporting of Virtualsoft Systems Limited ("the Company") as of March 31st, 2024, in conjunction with our audit of the Standalone Financial Statements of the Company for the year ended on that date.

Managements Responsibility for interna! Financial Controls

The Companys management is responsible for establishing and maintaining internal financial controls based on Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India .These responsibilities include the design, implementation and maintenance of adequate internal flnancial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to 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 flnancial information, as required under the Companies Act,2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal flnancial controls over the flnancial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under Section 143(10) of the Companies Act, 2013 to the extent applicable to an audit of internal flnancial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal flnancial controls over flnancial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal flnancial controls over financial reporting and their operating

effectiveness. Our audit of internal flnancial controls over flnancial reporting included obtaining an understanding of internal flnancial controls over flnancial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the Standalone 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 flnancial controls system over flnancial reporting.

Meaning of internal Financial Controls over Financial Reporting

A companys internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of flnancial reporting and the preparation of Standalone Financial Statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control over flnancial reporting includes those policies and procedures that

(1) Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

(2) Provide reasonable assurance that transactions are recorded as necessary to permit preparation of Standalone Financial Statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorities of management and directors of the company; and

(3) Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on the Standalone Financial Statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of the internal flnancial controls over flnancial 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 flnancial controls over flnancial reporting to future

periods are subject to the risk that the internal flnancial control over flnancial reporting may become inadequate because of the changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Qualified Opini?n

In our opinion, the Company has, in all material respects, an adequate internal financial Controls system over flnancial reporting and such internal flnancial controls over flnancial reporting were not operating effectively as at 31st March 2024, based on the internal control over flnancial 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.

For Rajesh Raj Gupta & Associates LLP

Chartered Accountants

(FRN No.026338N/N500357)

CA. MANOJ KUMAR

Partner

Membership No. 521409

UDIN: 24521409BKCRVY8179

Date: 30-05-2024

Place: New Delhi