Winny Immigration & Education Services Ltd Auditor Reports

To the Members of

Winny Immigration & Education Services Limited

Report on the Audit of Financial Statements

Opinion

We have audited the accompanying financial statements of Winny Immigration & Education Services Limited ("the Company"), which comprises the Balance Sheet as at March 31, 2025, the Statement of Profit and Loss, Statement of Cash flow for the year then ended and notes to the financial statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as "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 Accounting Standards prescribed under section 133 of the Act read with the Companies (Accounting Standards) Rules, 2021, as amended ("AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025, its Profit and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing (sAs) 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 (the "ICAI") together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules 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 opinion on the financial statements.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgement, were of most significance in our audit of the Financial Statements for the financial year ended 31st March, 2025. 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 that there are no key audit matters to be communicated in our report. Material Uncertainty Related to Going Concern

We draw attention to Note 37 to the financial statements, which indicates that the Company has incurred a net loss of Rs 463.13 lakhs for the year ended March 31, 2025. As stated in Note 37, these events or conditions, along with other matters described therein, indicate the existence of a material uncertainty that may cast significant doubt on the Companys ability to continue as a going concern. The appropriateness of the going concern assumption is dependent upon the Companys strategic initiatives and the prevailing market conditions.

Our opinion is not modified in respect of this matter.

Information other than the Financial Statements and Auditors Report thereon

The Companys Management and the Board of Directors is responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis, Directors report including its annexures, Corporate Governance and shareholders information, but does not include the financial statements and our auditors report thereon. The Directors report including its annexures and other shareholders information is expected to be made available to us after the date of this auditors report.

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 identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of our audit, or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. When we read the other information, if conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with Governance. We have nothing to report in this regard.

Responsibility of Management and Those Charged with Governance for the Financial Statements

The Companys Management and the 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 and financial performance of the Company in accordance with the accounting principles generally accepted in India, including the accounting standards 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 implementation and maintenance of 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 statement 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 and board of directors are 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.

The Board of Directors are also responsible for overseeing the companys financial reporting process.

Auditors Responsibility 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 Standards on Auditing (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 controls.

• 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 Companies Act, 2013, we are also responsible for expressing our opinion on whether the Company has adequate internal financial control 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 the management and board of directors;

• Conclude on the appropriateness of managements and board of directors 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) evaluating 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.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditors Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of sub-section (ll) 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.

As required by Section 143(3) of the Act, based on our audit, we report that:

• 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.

• 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 (also refer our comments in para 2(h)(vii);

• The Balance Sheet, the Statement of Profit and Loss and Statement of Cash Flow dealt with by this Report are in agreement with the relevant books of account.

• In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;

• 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;

• 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 B to this report.

• With respect to the matters to be included in the Auditors Report in accordance with the requirement of Section 197(16) of the Act, as amended:

In our opinion and to the best of our information and explanation 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;

• 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:

? The Company has disclosed the pending litigations as on March 31, 2025, which would impact its financial position in its financial statements - Refer note no-24 to the financial statements.

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

? There is no amount required to be transferred to the Investor Education and Protection Fund by the Company.

? There has been no delay in transferring amounts required to be transferred to the Investor Education and Protection Fund by the Company.

• (a) The Management has represented that, to the best of its knowledge and belief, as disclosed in note no - 35(j)(i) to the financial statement, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(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, as disclosed in note no - 35(j)(ii) to the financial statement, no funds (which are material either individually or in the aggregate) 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 such audit procedures that we have 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 mis-statement.

• The company has not declared or paid during the year by the company and subsequent to the year end.

• Based on our examination, which included test checks, the company has used accounting software for maintaining its books of account which has the feature of recording audit trail (edit logs) facility and the same has operated throughout the year for all relevant transactions recorded in the respective software. Further, during the course of our audit we did not come across any instances of audit trail feature being tampered with. Additionally, the audit trail has been preserved by the company as per the statutory requirements for record retention.

FOR C N K KHANDWALA & ASSOCIATES CHARTERED ACCOUNTANTS FRN 107647W

	Sd/-
	(MUKESH M. KHANDWALA)
	PARTNER
RPlace: Ahmedabad	M.NO. 032472
Date: 28/05/2025	UDIN: 25032472BMJFMK3154

ANNEXURE A TO INDEPENDENT AUDITORS REPORT

[Referred to in paragraph 1 under the heading "Report on Other Legal and Regulatory requirements in the Independent Auditors Report of even date to the members of Winny Immigration & Education Services Limited ("the Company") on the financial statements for the year ended 31st March 2025]

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.

• In respect of the Companys property, plant and equipment and intangible assets:

? (a) Based on our verification of the documents provided to us and according to the information and explanations given by the Management, the Company is maintaining proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment.

? (b) Based on our verification of the documents provided to us and according to the information and explanations given by the Management, the Company is maintaining proper records showing full particulars of intangible assets.

• The Company has a policy of physical verification of Property, Plant and Equipment, by which all Property, Plant and Equipment are verified in a phased manner. In our opinion, the periodicity of physical verification is reasonable having regard to the size of the company and the nature of its assets. Pursuant to this policy, Property, Plant and Equipment have been physically verified by the management during the year and no material discrepancies were identified on such verification.

• According to the information and explanations given to us, the company doesnt hold any immovable properties except minor superstructure in rented premises.

• The Company has not revalued any Property, Plant and Equipment during the year, accordingly, the requirements under clause 3(i)(d) of the Order are not applicable.

• As disclosed in note no-35(a) to the financial statement, there are 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 and accordingly the requirements under paragraph 3(i)(e) of the Order are not applicable.

? (a) The Company, being a service provider, does not have hold any inventory and hence the requirements of paragraph 3(ii) (a) of the Companies (Auditors Report) Order, 2020 ("the Order") are not applicable to the Company.

? (b) Based on our verification of the documents provided to us and according to the information and explanations given by the Management, the Company does not have any working capital limits based on stock and book-debts sanctioned from banks or financial institutions and hence the requirements of paragraph 3(ii)(b) of the Companies (Auditors Report) Order, 2020 ("the Order") are not applicable to the Company.

• The Company has not made any investments in, nor provided any guarantees or securities to, companies, firms, limited liabilities partnerships or any other parties. However, the company has granted unsecured advances in the nature of loans to companies and other parties in respect of which the requisite information is as below:

? (a) During the year company has provided loans as below:

Particulars	Amount (Rs. In lakhs)
Aggregate amount granted/provided during the year:
- To employees	8.75
- Others	27.02
Balance outstanding as at balance sheet date in respect
of the above cases:
- To employees	1.82
- Others	-

? (b) In our opinion, the investment made or all loans and advances in the nature of loans provided during the year are not prejudicial to the interest of the company.

o (c) The aforesaid loans are repayable on demand and, accordingly, no specific schedule of repayment of principal or payment of interest have been stipulated. According to the information and explanations given to us, the Company has not demanded repayment of such loans or interest thereon during the year.

o Management has prudently recognized a provision for potential non-recovery of loan extended to Swing Infraspace Private Limited, amounting to Rs. 126.82 Lakhs. Further, no interest has been received on these loans during the financial year.

o (d) There are no amounts overdue for more than 90 days in respect of the aforesaid loans, as such loans are repayable on demand. However, it is noted that no interest has been received on these loans during the year.

o (e) The Company has provided interest-free loans to employees which are repayable on demand and therefore clause 3(iii)(e) will not be applicable;

? (f) The Company has granted loans in the nature of loans either repayable on demand or without specifying any terms or period of repayment as below:

Particulars	Amount (Rs. In lakhs)
Aggregate amount granted/provided during the year:
- To employees	8.75
- Others	27.02
Balance outstanding as at balance sheet date in
respect of the above cases:
- To employees	1.82
- Others	-

• In our opinion and according to the information and explanations given to us, the loans given by the company are not covered by section 185 or 186 of the Companies Act, 2013. Accordingly, paragraph 3(iv) of the Order is not applicable. However, we note that a loan was granted in earlier years to MyStudio Pvt Ltd at an interest rate of 9% p.a. which has been full repaid during the year.

• Based on our verification of the documents provided to us and according to the information and explanations given by the Management, the Company has not accepted any deposits or the amounts which are deemed to be deposits within the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the rules framed there under, therefore, the provisions of paragraph 3(v) of the Order are not applicable to the Company.

• According to the information and explanations given to us and the records of the Company as examined by us, the Company is not required to maintain cost records that have been specified by the Central Government under sub-section (l) of section 148 of the Companies Act, 2013.

? (a) The Company is generally regular in depositing with appropriate authorities, undisputed statutory dues including Goods and Service tax, Provident Fund, Employees State Insurance, Income-Tax, Service Tax, Value Added Tax, Cess and any other material statutory dues applicable to it, in arrears as at March 31, 2025 for a period of more than six months from the date they became payable;

? (b) Details of statutory dues referred to in clause (a) above which have not been deposited as on 31st March 2025 on account of any disputes are given below:

Name of the statue	Nature of Dues	Amount Paid Under Protest	Amount (Net) (Rs. In Lakhs)	Period to which amount relates	Forum where the dispute is pending
-	Civil	-	5.58	2019 and 2024	Consumer Court

• viii. As disclosed by the management in note 35(b) of the financial statements, the company has not surrendered or disclosed any transactions, previously unrecorded as income in the books of account, in the tax assessment under Income Tax Act, 1961 (43 of 1961) as income during the year.

o (a) During the year, the Company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender.

? (b) As disclosed by the management in note 35(c) of the financial statements, the Company has not been declared a willful defaulter by any bank or financial institution or other lender during the year.

? (c) The Company has not availed the term loan during the year and therefore reporting under clause 3(ix)(c) of the order will not applicable.

? (d) On an overall examination of the financial statements of the Company, we report that funds raised on short-term basis have prima facie not been used for long term purposes.

? (e) The Company does not have any Subsidiary company, Associate or Joint Ventures and therefore, reporting under clause 3(ix)(e) and clause 3(ix)(f) of the order will not applicable.

• (a) During the year, The Company has issued 6,52,000 Equity shares at Rs. 10.00 each at a premium at Rs. 130.00 each by way of initial public offer and proceeds were applied for the purposes for which those are raised in the prospectus and the unutilized part amounting to Rs. 400.00 Lakhs are kept in Fixed Deposit and Rs. 24.28 Lakhs are kept in specific bank account.

? (b) During the year company has not made any preferential allotment or private placement of shares or convertible debentures (fully, partially or optionally convertible) except issuance of bonus shares; accordingly, the provision of clause 3(x)(b) is not applicable.

• (a) According to the information and explanations given by the management, no fraud by the Company or on the company by its officers or employees has been noticed or reported.

• (b) No report under sub-section (12) of section 143 of the Act has been filed in the form ADT - 4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the central government during the year and up to the date of this report.

• (c) As represented to us by the management, there are no whistleblower complaints received by the Company during the Year.

• The Company is not a Nidhi company. Therefore, the provisions of clause 3(xii) (a) to (c) of the order are not applicable.

• According to information and explanation given to us, all transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 wherever applicable and the details have been disclosed in the financial statements, as required by the applicable accounting standards.

• (a). In our opinion, the company has an adequate internal audit system commensurate with the size and nature of its business;

• (b). We have considered report of the internal auditors for the period under audit; issued to the company during the year and till date, in determining the nature, timing and extent of our audit procedures;

• According to the information and explanation given to us, during the year, the Company has not entered into any non-cash transactions with its directors or persons connected with its directors as referred to in section 192 of Companies Act, 2013 and hence requirement to report clause 3(xv) of the order is not applicable to the company.

• (a)The company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934, accordingly, the provision of clause 3(xvi)(a) is not applicable.

• (b) The company is not a NBFC; accordingly, the provision of clause 3 (xvi)(b) to (d) is not applicable.

• The Company has incurred cash losses amounting to Rs. 591.58 Lakhs during the year. No cash losses were incurred 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.

• Based on our analysis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements, as well as our understanding of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, we believe that material uncertainty exists as on the date of the audit report as the Company has incurred a net loss of Rs. 463.13 Lakhs for the year ended 31st March 2025. However, based on information made available to us, the company appears 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. We further draw attention to paragraph Material Uncertainty in relation to Going Concern in our main audit report of even date regarding the applicability of the going concern assumption.

• As Section 135 of the Companies Act, 2013 is not applicable to the company, Clauses 3 (xx) (a) and 3(xx)(b) is not applicable.

• The company does not have any subsidiary or joint venture companies or associate companies. Hence, the reporting under clause 3(xxi) of the Order is not applicable in respect of audit of financial statements of the Company.

FOR C N K KHANDWALA & ASSOCIATES CHARTERED ACCOUNTANTS FRN 107647W

RPlace: Ahmedabad	Sd/- (MUKESH M. KHANDWALA) PARTNER M.NO. 032472 UDIN: 25032472BMJFMK3154
Date: 28/05/2025

ANNEXURE B TO THE INDEPENDENT AUDITORS REPORT

[Referred to in paragraph 2(f) under the heading "Report on Other Legal and Regulatory requirements in the Independent Auditors Report of even date to the members of Winny Immigration & Education Services Limited ("the Company") on the financial statements for the year ended 31st March 2025]

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 over financial reporting of Winny Immigration & Education Services Limited ("the Company") as of 31st March 2025 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

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, adequate internal financial controls over financial reporting with reference to these financial statements and such internal financial controls over financial reporting with reference to these financial statements were operating effectively as at 31st March 2025 (also refer the para 2(h)(vii) of the Report on Other legal and regulatory requirements on reporting under Rule 11(g)), 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 "Guidance Note").

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. 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.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls over financial reporting with reference to these financial statements and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting 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 internal financial controls over financial reporting with reference to these financial statements.

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

A Companys internal financial control over financial reporting with reference to these 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 over financial reporting with reference to these financial statements includes those policies and procedures that (l) 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;

AUDITORS RESPONSIBILITY

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting 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 Companies Act, 2013, to the extent 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 financial controls over financial reporting with reference to these financial statements was established and maintained and if such controls operated effectively in all material respects. 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 OVER FINANCIAL REPORTING

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

	FOR C N K KHANDWALA & ASSOCIATES CHARTERED ACCOUNTANTS
	FRN 107647W
	Sd/- (MUKESH M. KHANDWALA)
	PARTNER
Place: Ahmedabad	M.NO. 032472
Date: 28/05/2025	UDIN: 25032472BMJFMK3154