We have audited the financial statements of Lippi Systems Limited ("the company"), which
comprise the Balance Sheet as at 31st March, 2024, the Statement of Profit and Loss (including
Other Comprehensive Income), Statement of changes in equity and Statement of cash flows
for the year ended and notes to the Financial Statements including a summary of material
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 financial statements give the information as required by the Companies Act,
2013, as amended ("the Act") in the manner so required and give a true and fair view in
conformity with the Indian Accounting Standards prescribed under section 133 of the Act read
with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") &
other accounting principles generally accepted in India, of the state of affairs of the Company
as at 31st March, 2024, its loss (including other comprehensive income), its cash flows and the
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 ("the Act"). Our responsibilities under those SAs
are further described in the Auditor's 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 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 obtained by us, is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the financial statements of the current period. As the entity had very
limited operations during the financial year, in our opinion, there are no key audit matters that
require significant auditor's attention.

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

The Company's Board of Directors is responsible for the preparation of the other information.
The other information comprises the information included in the Management Discussion and
Analysis, Board's Report including Annexures to Board's Report, Business Responsibility
Report, Corporate Governance and Shareholder's Information, but does not include the
financial statements and our auditor's report thereon. The above-mentioned reports
comprising of other information are expected to be made available to us after the date of this
auditor's 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 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. We have nothing to report in this regard.

When we read the above-mentioned reports comprising other information and if we conclude
that there is a material misstatement therein, we are required to communicate the matter to
those charged with governance and describe actions applicable in the applicable laws and
regulations.

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

The Company's Management is responsible for the matters stated in section 134(5) the Act
with respect to the preparation of these Ind AS financial statements that give a true and fair
view of the financial position, financial performance, cash flows and changes in equity
statement of the Company in accordance with the Accounting principles generally accepted in
India, including the Accountant Standards (Ind AS) referred to in section 133 of the Act read
with Companies (Indian Accounting Standards) Rules, 2015 (as amended). This responsibility
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
judgements and estimates that are reasonable and prudent, and design, implementation and
maintenance of adequate internal financial control that we are operating effectively for
ensuring the accuracy and completeness of accounting records relevant to the preparation and
presentation of the Ind AS financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the 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 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 responsible for overseeing the Company's financial reporting
process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an
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 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 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
adequate internal financial controls 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.

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 with reference to financial statements 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 the Companies (Auditor's 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 the Annexure-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 purpose 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, Statement of Profit and Loss (including other comprehensive
income), Cash Flow Statement and Statement of Change in Equity dealt with by this
Report are in agreement with the books of account.

d. In our opinion, the Ind AS financial statements comply with the Accounting Standards
(Ind AS) referred to in section 133 of the Companies Act, 2013 read with Companies
(Indian Accounting Standards) Rules, 2015, as amended.

e. On the basis of written representations received from the directors as on March 31,
2024, and 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 Companies Act, 2013.

f. With respect to the adequacy of the internal finance controls with reference to
financial statements of the Company and the operating effectiveness of such control,
refer to our separate Report in "Annexure-B". Our report does not express modified
opinion on the adequacy and operating effectiveness of the Company's internal
financial controls with reference to 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 Auditors Report in accordance
with Rule 11 of the Companies (Audit & Auditors) Rules 2014, in our opinion and to
the best of our information and according to explanations given to us by the
management, the requirements of the same are duly complied with as under:

i. As informed to us, the Company does not have any pending litigations which would
impact its financial position;

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

iii. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.

iv.

a) The Management has represented that, to the best of its knowledge and belief, as
disclosed in Note 27 to the 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(ies), including foreign entities ("Intermediaries"), with the understanding,
whether recorded in writing or otherwise, that the Intermediary shall, 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 27 to the 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, directly or indirectly, lend or invest in other
persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries.

c) Based on the audit procedures performed that have been considered reasonable
and appropriate in the circumstances, nothing has come to our notice that has
caused us to believe that the representations under sub-clause (i) and (ii) of Rule
11(e), as provided under (a) and (b) above, contain any material misstatement.

v. The Company has not declared or paid any dividend during the year and has not
proposed final dividend for the year.

vi. Based on our examination which included test checks, the company has used Tally
Prime accounting software for maintaining its books of accounts which has a feature
of recording audit trail (edit log) 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 audit trail feature being tampered with
in respect of accounting software.

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 as per the statutory requirements for record
retention is not applicable for the financial year ended March 31, 2024

3. 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 according to the information and explanations given to us, the
remuneration paid to any director by the company is not in excess of the limits laid down
under section 197 of the Act.

For Ashok Dhariwal & Co.

Chartered Accountants

(Registration No. 100648W)

(CA Ashok Dhariwal)

Partner

Place: Ahmedabad Membership No. 036452

Date: 30/05/2024 UDIN: 23036452BGUSAK7938