We have audited the accompanying standalone financial statements of Nyssa Corporation Limited (‘the Company’),
which comprise the Balance Sheet as at 31 March 2024, the Statement of Profit and Loss (including Other Comprehensive
Income) the Cash Flow Statement for the year then ended and Statement of changes in Equity and a summary of significant
accounting policies and other explanatory information

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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 Indian Accounting Standards (‘Ind AS’) specified under section 133 of the
Act read with the Companies (Indian Accounting Standards) Rules, 2015 and other accounting principles generally
accepted in India, of the state of affairs of the Company as at March 31, 2024, and its Profit, Cash flows and changes in
equity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the
Companies Act, 2013. 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 financial statements under the provisions of the Companies Act,
2013 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

Key Audit Matter

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.

Information Other than the Financial Statements and Auditor’s Report Thereon

The Company’s Board of Directors is responsible for the other information. The other information comprises the information
included in the Annual Report, but does not include the standalone financial statements and our auditor’s 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 and,
in doing so, consider whether such other information is materially inconsistent with the standalone financial statements
or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we performed,
we conclude that there is a material misstatement of this other information; we are required to report that fact. We have
nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements

The accompanying standalone financial statements have been approved by the Company’s Board of Directors The
Management and Board of Directors of the Company are responsible for the matters stated in Section 134(5) of the
Companies Act, 2013 (‘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,
changes in equity, and cash flows 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 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; design, implementation and maintenance of adequate
internal financial controls, that are 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, 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 Board of Directors 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 Company’s financial
reporting process.

Auditor’s Responsibility for the Audit of the Standalone 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 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 Standards on
Auditing 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 Standards on Auditing, specified under section 143(10) of the Act we exercise
professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud
is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for
expressing our opinion on whether the company has adequate internal financial controls system with reference to
financial statements 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 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 financial statements, including the disclosures, and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair

_presentation_

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we identify during
our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable, related safeguards.

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 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 section 197(16) of the Act based on our audit, we report that the Company has paid remuneration to
its directors during the year in accordance with the provisions of and limits laid down under section 197 read with
Schedule V to the Act.

2. As required by the Companies (Auditor’s Report) Order, 2020 issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act (hereinafter referred to as the ‘Order’), and on the basis of such checks of
the books and records of the Company as we considered appropriate and according to information and explanation
given to us, we give in the Annexure A, a statement on the matters specified in the paragraph 3 and 4 of the order.

3. Further to our comments in Annexure A, 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 of the accompanying standalone financial statements.

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 standalone financial statements dealt with by this report are in agreement with the books of account;

d) In our opinion, the aforesaid financial statements comply with the Indian Accounting Standards specified under
Section 133 of the Act,

e) On the basis of the written representations received from the directors and taken on record by the Board of
Directors, none of the directors is disqualified as on 31 March 2024 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 with reference to financial statements of the
Company as on 31st March, 2024 and the operating effectiveness of such controls, refer to our separate report
in Annexure B; and

g) 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 are no pending litigations of the Company and accordingly, no disclosure of the impact on its
financial position as at 31st March, 2024;

ii. The Company did not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses as at 31st March, 2024;.

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Company during the year ended 31st March, 2024.

iv. a. The Management has represented that, to the best of its knowledge and belief, no funds have been

advanced or loaned or invested (either from borrowed funds or share premium or any other sources or
kind of funds) by the Company to or in any other persons or entities including foreign entities
(‘intermediaries’) with the understanding whether recorded in writing or otherwise that the intermediaries
shall whether directly or indirectly lend or invest in any other persons or entities identified in any
manner whatsoever by or on behalf of the Company (‘Ultimate Beneficiaries’) or provide any guarantee
or security or the like on behalf of the Ultimate Beneficiaries;

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

c. Based on such audit procedures that the auditor has considered reasonable and appropriate in the
circumstances, nothing has to their notice that has caused them to believe that the management
representations under sub clause (a) and (b) contain any material misstatements.

v. The Company has not declared any dividend during the year under review.

vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using
accounting software which has a feature of recording audit trail (edit log) facility is applicable to the
Company with effect from 1st April, 2023. During the year the Company has migrated to the Audit Trail
Software and is in the process of establishing the necessary controls and documentation regarding audit
trail.

For G P Sharma & Co LLP

Chartered Accountants

Firm number: 109957W / W100247

sd/-

CA Utkarsh Sharma

Partner

M.No. 147906

UDIN: 24147906BKAKSF9283

Place : Mumbai
Date: May 30, 2024