Basis for opinion

We conducted our audit of the Standalone
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 Auditor's
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 made
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.

Information Other than the Financial
Statements and Auditor's Report Thereon
('other information')

The Company's Board of Directors is
responsible for the other information. The
other information comprises the information
included in the Report of the Board of Directors.

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 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 our audit or
otherwise appears to be materially misstated.

If based on the work we have performed,
we conclude that there is no material
misstatement of this other information, we are
required to report that fact. We have nothing
to report in this regard.

Auditor's Responsibilities for the Audit of the
Standalone Financial Statements

The Company's Board of Directors are
responsible for the matters stated in
section 134(5) of the Act with respect to
the preparation and presentation of these
Standalone Financial Statements that give a
true and fair view of the
financial position, financial performance
including other comprehensive income, cash
flows and changes in equity of the Company
in accordance with the Ind AS specified under
section 133 of the Act 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
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 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 Standalone Financial
Statements, management and the Board of
Directors are responsible for assessing the
Company's 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 intend 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 Company's financial
reporting process.

Auditor's 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 auditor's
report that includes our opinion. Reasonable
assurance is a high level of assurance but
is not a guarantee that an audit conducted
in accordance with SAs will always detect
a 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
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 controls.

• Obtain an understanding of internal
financial controls relevant to the audit in
order to design audit procedures that are
appropriate in the circumstances. Under
section 143(3) (i) of the Act, we are also
responsible for expressing our opinion
on whether the Company has adequate
internal financial controls 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
management's 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 Company's
ability to continue as a going concern. If
we conclude that a material uncertainty
exists, we are required to draw attention
in our auditor's 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
auditor's 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
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 auditor's 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

1. As required by the Companies (Auditor's
Report) Order, 2020 ("the Order"),
as amended, issued by the Central

Government of India 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.

2. 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) 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 Balance Sheet, the Statement
of Profit and Loss including Other
Comprehensive Income, the Statement
of Cash Flows and Statement of
changes in Equity dealt with by this
Report are in agreement with the
relevant books of account.

(d) In our opinion, the aforesaid Standalone
Financial Statements comply with the
Indian Accounting Standards specified
under Section 133 of the Act read
with Companies (Indian Accounting
Standards) Rules, 2015, as amended.

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

(f) With respect to the adequacy of
the internal financial controls over
financial reporting of the Company
and the operating effectiveness of such
controls, refer to our separate Report in
"Annexure B". Our report expresses an
unmodified opinion on the adequacy
and operating effectiveness of the
Company's internal financial controls
with reference to Standalone Financial
Statements.

(g) With respect to the other matters to
be included in the Auditor's 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 Auditor's 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) There Company has disclosed impact

of pending litigation on its financial
position in its Standalone Financial
Statements. (Refer note no. 41 of
Standalone Financial Statements);

ii) The Company did not have on long¬

term contracts including derivative
contracts for which there are material
foreseeable losses as at March 31,
2025;

iii) There has been no delay in transferring

amounts, required to be transferred, to
the Investor Education and Protection
Fund by the Company.

iv) (a) Management has represented
that, to the best of its knowledge and
belief, as disclosed in the note no
54 (iv) to the Standalone Financial
Statements, 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(is), 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) Management has represented that,
to the best of its knowledge and belief,
as disclosed in the note no 54 (iv) to
the Standalone Financial Statements,
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 the audit procedures
adopted by us, nothing has come
to our notice that has caused us
to believe that the representations
made by the Management under sub
clause (a) and (b) above, contain any
material misstatement;

v) The interim special dividend was
declared and paid by the Company
during the year and until the date of
this audit report is in accordance with
section 123 of the Companies Act 2013.

vi) Based on our examination, which
included test checks, the Company
has used accounting software
systems for maintaining its books of
account for the financial year ended
March 31, 2025 which have the feature
of recording audit trail (edit log)
facility and the same has operated
throughout the year for all relevant

transactions recorded in the software
systems. Further, during the course of
our audit we did not come across any
instance of the audit trail feature being
tampered with and the audit trail has
been preserved by the Company as
per the statutory requirements for
record retention

For Ajmera & Ajmera
Chartered Accountants
(Firm's Registration No. 018796C)

Sourabh Ajmera
Partner

(Membership No. 166931)

UDIN: 25166931BMNPUX8849
Date: August 02, 2025
Place: Mumbai