We have audiicd :hc aocompsnvinsj financial staLcnienis of OfP&s Aures I .fumed ("[he Company"), which comprise Ihe balance Sheet as at M arc li i 1.2024. the SLUcmcnt of Profit anil Loss (mcl udinc cnher eo mprdjeiistvc itielhjic J, the Siate mcn1 ?ifchungtsi i" Equity. mid the SlLiLcrncnt pTCnsSl Flows 1i'r the year then ended hod mutes lu l lie liiunciul slutemenls including a. material stccouiLlinji poliei-c^. and other flivpianatoi'y itifcnnatiOLL (hereinafter referred to asllae Ttnandal statements3"!.
Jti our ujiiititm Lind to the host of Out iittbrrtiilitm and according lo tile esp-hinations given to as. the aforesaid fhliJiLcuil statements L^ivoThe informal Ion re^niiwd Ivy ihe Companiei Act, 2fl l.l (“The A^r~) in iheoumnw an required and iilvo a mas and fair Vjcw in lUJifooniLy v. iUi tin: Indian Au^ui.mljnu. Siaiidcuds prcsqjiibAd under Suction LiJ. of Lhe Am read v. Hh i3te dimpiniea fJiidtur. Accounting SUndurds} RiuIhi, S015,-at eirwoded ('"In-J AS"i and oilier aucouiiLiiti; principles gcneridJy accepted in umia, of the state of affairs of the Company as at ViarcJi 3i, ;lk>4. -$ ivotli. tonrii eon^Eftoendwe income-chatgps in equity and its .cash flows lor the year ended oh dial date.
for Opinina
WacondiKted isui audit n accordance w-irh Standards <Ý r. Ainlitinfi?(J5As) specified Under se&icfl 1431 ifiioftho \ci. flui rcsponsi hi lilies Linder tlioec Standards arc tun her described in the ' Auditor's R.csj?:?nsi hil i I ic-s for Ihe Audit of cfic financial fitiLicnic-iirt^’ sctLton of our report Wc-src mdepi'iuknl irfitc Company id LWLtoidanve vmlh Ihe Code ot'UrhiL< issued by live Institute of Chartered Accountants of India CTCAf'J together with theeilHca] requirenKtiis that ore relevant it? ourwuHr t>f she lliianctal statements under Ihe previsions of the Act and Rules thereunder and wc lute fulfilled ntr other ethical ncsiKinsthiLLlies in -lcctsiduncc with these requi remcnls onti I he (CAI's Code of Idiiics We bflievil llut ihe audit evidence vvv have obtained is Juflficifidt and ap|WOpridte 1u pnnrtdt a basis fur Our andtl Opinion oil Ike finanCi-.il sLulenKills
Key Amtii Mitten
Koyaudn millers arc tlnwc matters ihai, Lit oar |irnfcsflimi«|1 judgment, were nfinosi (igniftcanee in nurnudil of the linancial sLaLcracins of the current period. Tl>cse matters A-erc addressed n tbc context of our audit ul'lhc financial Elalenicnti as a whole, and in forming ottr opinion thereon- and wc do noi provide Jisoprirntc opinion <m rht^L- mibhcrs. Wv hnv^ JuicrtniTiod ihe : ji .ii i v. s ilcseri IkjlI befow to he the key ttudit ni^ucfs m he eLhiinLuutieoLA! in L>ur report-
kty Audit ^Mifcr
MrriJt ke^pthnsc
liifjM/iWn of frmSi: WCriwbies
The naiiire (ft Cornpam^j operalii’nis tequnes periodic revision in rates charged from customers us^ell as '/aiLL'us claims in the nnirjiai lnurse of bLismess. Sueh price Tn'i^ions and claims- aie affected hotli prus^KAlivvJy umJ relrospectivel y. Such claims are also, recorded on provisional basis, subject m confirmation hy cust-MiKF.s. Considering ovctuII low (ipera;mg moiiitnH in 1 he irtdustry. such
Ptititipiti A it(fit PtwWj^.s
ff:ir ?udn procedure included, among olhcni:
Ý Wc assessed die vnJLdity inf male rial oulsnuultny Jeceiiahles hy ohtan;iii^ Ihinl-party ennllrmiLtKfns Ývt recoiiCiliatinnB of nmLi;in.ts lo assure the ourap Id* ness Lind reauxliri y of nil dsims :; Ý u J ii ith 1 he customer's,
Key AuHil Matter
\«dtl ttispnitM:
revision* and dating have a signilkunt impact on comiKinj'-. profitability. Drw in these reason*, valuation of trade receivables has been ci-nsiricrcd a key audit rmllcr.
* Wo also considered ptiymenrs leceived sute«jiwrn to year-end, iui>t jwyniuji imory and unwill pntems to denufy potentially Bflacknowledged- uncomlrmcLt balances
Ý Wt asaessod ihe npiprYYpnincnes!; of Ihc ulluwnoC£ rf duuhlful receivable^ witgidertriji vafi^w juJu procedure* acreet :ha plant* inci tiding:
- CorLKidcotion and concurrence: ofihc ajirceil pajmcjn terms'
- VcriflCiHj&tt oi recciplt trum i rude resrei vjhles sufoscquml tL> year end.
Ý Where chore were indienrofS rNannido receivable- wre unlikely m iw edllected, wc assess-cd lliv adequacy of die allow once Kor mipciiTmeni ol uuic receivables, Wb assessed the apemp of 1t;iJc
nvciviihii-g. Llispi.h-x ÝÝÝ.; 111 L:ns\-.:ni-i ....... Ýif uM ", aimliiI IikIuu
ur" rhe distorter*
favenl&ry
The Company fifes, lai^w LiLsmlilies flf inventory aJ di Keren I pJurls. 1 Tie cut dy i nit ctJ*iirryK,T ill c industry and it nitty lui v^.- ffkrw ipo*i|^ dain^pd inventory due re model disconlinuatiou or excess production accumulated at dill'ercnr locations. DHft-icnl pmtibels have venous vjri.inn due m which Llii.-n: is a possitHliry of cap m bcIubI and recvntcct cotihumplion n fraw materiaIs resultiiyg i n
ylLHJrij^Lv'uytL-ol l|iufi1 itim nf raw m uteri 41
iii’i-ctiU'i v. For teesc icusoiih, iuveithuy has been eoELiidcnsi on key audit iii;l- tor.
Our audit procedure'included imon goiters ‘ We obtained copies of physical verification reports tif inventory conducted hy rhe Management.
* We panicipsrted physical verification of inventory and for selected -ample of inventory items compared the physical quantities on he -luiiiiliiics recorded in the idveutnry sheets.
Ý Marie riuininc1; regarding rbsobrle inventory items and inspected
(he Condition pfitem* f'TLinl'jil :md propur pm-iMim 1..,-, hjui: m.icEi:
wherever necessary.
Ý thrr uudrt procedures included lusting a 1 Uh: msontory p»vLsions made by die Company tmd also Ihc basis i>r utaiiii-gaiioru assumptions with die understanding and challenging the key
assuiirpLMns.
' hValuajte 1 lie future usage of inventory in case of discontinued model* hosed on pjsr experience o- movSimetU of maierial and preducl^ used in mher pLiTifs.
informal ten Oder than the Flharicjai SiaTemcnix and Aidltor1! llcpmrt Thereon
TlttCwnpan/s Board of Directors irresponsible Tor the other Nitdimmion. The other in format ion comprises the information included in Annual R^nn.hoi d^s not include Hie financial statements and our auditor’s report thereon,
Our opinion on the financial statements does not cover tiie other infonnatioti and wo do nol e*press any term of assurance conclusion thereon
In LoniioLiiaii wiili our audit of die SttiBHiai siuLunentsL tHu £ c>|.?Y>n> ;h_ii l>" i:> 10 rad Lite other filionnini and. i.L doing so. consider whether ihe oitior inlomsjirion is mtertaHy meunsistnii with die i inane ial smematts orwar knowledge! ohm mod ill:In; nuiiT ya trtlldrwire :.i’i|v.‘n=r>. |a be materiel^ misslatsli
II'. taiscd cm ihe wort; we have performed. w^ewdtute (hur there is a nitfkrial mrwfatenient uf this other mfimnsioii, w arc required ro report ;hal feet, ftc have notfrinj to report in 1his regard.
lli-s|huniliilj4u-\ <rf .......... Mhh 111 si nil Tho$e'Cblltfged nilh r III' S( si n-lulm iti- Financial StstimeMf
I Ik t CHDpflny'5 Board c^r' J >i tlx:cl'M'^ and MwagqnwnK are responsible I lit tfre matters staled m sccnnii I .MrSj otThe Ad w ith rcuiKYl Lo Iho preparation of" lHjl-so financial stalemeitfB th:M give a line iind liar view ot the Imiinciul posiliml, financial periontiutin: including oUier comprclieri.sivLi income, changes in equity, andcasli flows of ihs Company iitdcconlnnce wilh the Hid AS snd other accounting principle; generality accepted in Tiufia. This resptmsibilhy also include mamfenance of adequate at'ccuiniing ivcords in accordance tv ith Ihcpmv isions of the Act tor safeguarding of (he asseis. of the Company aru1 for prevL-iiini: ;m,l .k-icchng fTqi.N.L', .ind <o1ht irragnlnri Ncm r^twtinn nm) upplkatkn appropriate Kcmmling policies; multi ug jim^nrdiis ajidcsiimsieh ili.n j:l lejisajuabk luolL piudcrtL; and design, impLenucntiuiuji mid niaiiucnuncc of adequate internal Ununeu! Control^ Lhu1 were operating effectively Loren mnng the accuracy and cnmpldcness of (tie accounting rec1Tdi51 releviml lo Uk pieparuliofl and provenlulion Lif the fi mineral idaLement^ that give a true inn! luir uiew .11 id are free from nwu-nd misstaknienl, wiiccSai due lofi u>d or error.
In preparing ihe financiit fc tale merits. the Majiagemejii and the CmiJ of Directors atc responsible Lor liio
Company’s ability to continue as n soiny concern, disclosing, as applicable, mntterc misled 10 joinc concerns j>d using the gLh ng ocoMm h:ki\ ripaccoL^iting unless djaragcmeiit ciihor rnterdb; 10 liquidate tlar Company ot in tease npcruliLin1, or tas no rc;i I istic ilI terr.:|1 iv£ ouL Id do so.
The Hoard of I lin.'i.ioi'i jit:- ik' rc^ponsihlr for overseeing the Company’? financial reponing process
\ 11 itil'i r’:-, 11L' > r 1 Ý 1 v I- Ý Ii1 ii"i I'uMli-i! .Aitcii ihl ilii' i iniJii.biLt SluLL'nn'nLs
thu obieclivcs aic to obtain rtiHoaablc asBiiraricc aboul flrhrthcr 1hc tiraneini ntHflilKnte as a ivholo arc free from material niisstii1emeri1, vliellicr due 1o-Imod orerK^r. nutlw ii-t^ nn auditor's report Mini includes our t>pimon Rottnibk nssudinK is . Iiigl level of MSUfBtKe !ui is mu a guarantee ltut an imdir onnttucpH m apSrdqnce Vriiti SAP will akvays detect a material m^stalemciiL when it e^isLs. Misstatempnls (?a^l unsc fi-:)iii liatd l>i emir and arc conKsdLTed tnalctut iil intliviCially or in lilt ajjyitgjte. ihc}1 ctadd ifHstxNinly bt (Htpettcd 1o iiilluonce the Lfuntniiif tlotisions of u^t-- Liken tmi the basis of this financial sialcment,
A>< pun of iiii uij-lI11 in uccoridflifetf a in SAs, wc exercise professional tidymeir rind iiaitiLiia proftostdiiuil sktptiicism throunhobt Ihe aNilir. U'eal^o:
* Identity and assess the risks tjfraiienal inisstatcmcnL nf the financial staicmcnts, whether due lo Ifccd or- am.n‘. i3otign imd perform ai^Lt pnK«ttrres respoo4y( tn those nyk.s, nml nhtinn audit evultMt th;n rs FaffioLw mid
Ý Ý EPr | :'T1 ll1 Lu- pivv kIj a I Ý jiSik 11 n nnur iijin.i mi r Ý; i: 11 :.k u I nu-l ik CiiLtir U. :i n t. ., 101 ÝI i .1 ÝÝ id uL^lECt 1 1 it-.ilI I mLl. I I tjiulL
is higher Ilian for one resulLiitg from error, us JLa.u! may involve Lollusioi], forgery. DDerUiiiiuil oitiisstojis. mtorepresettaOorB, -nr ilwovemdeol'micrnnl control.
* I: v;i I unk I he iippriipriiil^nf^a 0f|fce0Ur it iug p^il It ie> iim^J !lil-lI t:ie feiihumib3eft£SS dI" tiL'.Cu'iMdKg oil i liiii lex Lind rcmLcd diaitisures i 11 lvJ i.' by ffitngH&H.
* ffloctLi'.te on ilu; approjKlatency of iiidmugemeni1? use of thu gni ng. concern basis of accounting. nod, based on the
-nidi I evidence ubUiineiL, w hirl her ;i iti;lii?rifk| uncertainly exists related! DO events uf eund-iborE thut nifty 010
A Il’IL. !ii. IjIiI drjLllll Lhll 111C C OuipiillV ' & likl il x (LI C.^Ui I ICC ft$ 3 £[>111- LU: ICL'L I . IT W? Cflll L IlLlt lll»l ft I IlftlCfift I 111 ILC11ft ill ly
exi-jo. we are tov] aired lf> driiw uEicntinn :n nur acdiEnr’u repon to the related disclosures in Lhc financial KEnkTicius OT, ifjbch disclosures arc inadequate, ir> modify our opinion- <>11 r conclusions arc based on 1hc iiudil evidence obtained up m ihe date of ow auditor s report, However lunim events or conditions niuv cancel hr Company (o cease to continue as a going concern.
Ý I2vu I uulc t be Overall pnUdiilini^ siniclnie sad eoincnt of ilw financial stuKinenrs, including ihe dbclosuies, :iikI ÝvlieUior Lhc financial aatemdnta jepfvsem the underlying transitions mid events in a manner that achieves lair piescnLaLioii.
Materiality is ilie msgnitydeofHBPStfltelllBifa in [he financial stalcmeinslhal. mdivLdLUiHy or in aL’^rcurUe. mates 11 prnhnble (hut lhc ceonmiie tlcessmns nl'a rcastmubly liTwwltttgjjHbleiJSCFofthc financial s4af5JTIcntS maj be influenced, \\ e consider quandralivc nHteriaJhy and qualitflths factors in (ijplanninc lhc scopeaudit wort. mid m evaluating lhc resuhsofow work: mid frit to evaluate ihe effen of any ‘.dcmifi-cd piisstalrmiaifs in lhc fmancia! statthtieWii
W'c CMfflnuiHjCatfi with those cfinrjkd wiih govemauoe regarding, lrniTig Other itiatlerS, (lie- plftnned SL"opc am! timinj; I be atuLil and sL^niUcmn audit findings, irt£I'.uiirie. jjiy significant deficiencies in iniomal comm! iliai wo identify doting our
audit.
WO also pniYLde those charged iviib govcnmiice v. uh a tiLmcmcnt dial we have complied w ith relevant ethical requirement ftgiudJng independence. mid tu comteidiieiti: wiLli divm all l^felfttkffiships «d Other matters iJul irciy tcaauaably be ihoujjtLL lo bear on our i ncJv-'pvtL-Jt-'iit-'e1. und where jpfilLrnhle. re luted iNl ctiLiands-.
From the matters commtinicatod with those charged with governance, wc determine these mutters Thai were of most signillcance in the audil of'ttw financial statements of the cuirent period atid are therefore the ltey audit matlers. We describe these matters in our auditor's reporl unless taw or regulation precludes public disclosure atom the matter a when, in extremely cere circumstances, we determine 1har ft matter shouLd not be communicated In our report because liie adverse consequences o-fdoinj; so would reasonably be cupeetcd so outweigh the public interest benefits of such eommunicatian.
Hep art cu Other t.cpal and Itcpuhlniy nvqutrrncnt1!
I ll reriine^l by the rLsmpmiiej, (Auditor' x Bcponl OnlL'i', 2fl2fl f,Lilie Oivlej’") issued by tlioCcnEral (lovemucnr tif lihlia in terms of action 1'5-H 11) oftlie Aei, wc give iu ,lAni>eM.ure t" ftfitaieinent cn the mallets specified in pftra.jpaph.-s .1 and -t af ihcOrdvE, Lu Lite-l-ftient Lippi i cubic.
(21 A s required by section H-iUiofihc A.ci, wc ttrorttbst:
ii. W c I: n vc m m^lit and obtai nevd al I the (n rnrmftl ion anti ex pi nm I i-ens which |i> I he best of piir knowlcil^c and heLic I" were necessary (or the ptirpo-^is fif our audit;
b. Ln Out Opinion. iTTOpt; boota u( acaxtill ctqu:iL'd be liiw have been io;^ by lliO Cotf^uiy SO tur Lis il appear irenl our examin&iian of lhosc tnjoki;
t. The Ralancc Sheet, tlte Staiemenl oTPltifil and Ljish rihrludinji <i)lher CompreheEinivO ltiLOmoh Stalefnfinl ClfCTtungefi in Eqohy, mid tbe StutCsnenl of Cs$h Fluwis deftll with by this report ftrt in a^nremcnt wilh ibe bocks of Jccounl:
d In our opinion, the aforesaid financial statements comply m ini the Indian AccmintinE SumdirdE specified under Ma-ifon 133 of (he Alli;
l\ On Lhe bu-’iS id the wri-.tL'ii TefHtseinati*&8 itfifeived (rum L ie JrrouUirS fciffln Mutch 1, Jib 4. and Tiken. nri Ttcord by Hie Ekdifd of Direocoes. none of tFlu di i ectorl. it di iquaI ified as oi i March } \. 2424, fretn being 3ppoii nod as a J i rector in temis of*aclfon l£4|2| q£ 1bc Ac-c:
f. Wnh tl'!])lvl ht l! il- jj^Illi u.il'v of Lhe internal financial tofltrols with referred to financial statementi of (he Company and the operating cffectLocncas of auch comrols, we give our acpamlc repon Ln "Anncxirrc 1"
g, Wuh respect K> the other natters lo be included In the Auditor's Etepori i n accordance- wtih the T«folneiineiHs of section 1^71 I ft I of I he Act. as antttt&st
In L»nr opinion and fo the he*i nf ow injdnmtiwi end according io llw eKplsnalions given lo us* Hie remuneralioti paid provided for by ihe Comptfifc?lo irs rijreejnrH during lhe year is in accordance u ith llie pmvwione^jf scctfem I'>7 or' the Ael,
h With jespeot to ihe oilier IknlterE to be included m iho Auditor's Repon in ncixircknce w;Lh Rule 1 I of (he Companies L Audit and A ndi iuis > Kules, 2!) 14, i n our opinlpn and to i he best of our Inforniarinn and accordi ng io rhe pinionom gicen In us.
(ii The Company has distclcisod ihe puppet of pcntfmg I ideation* nn ju financial pas rEon in in financial
stHlemmts Kcier Mule 4Uia) l>:l Condngpnl Lisbi'.LtLEH to (he fin&tial stulumenLs:
(iij The- Comfiany did not haw any Imj-tenii: codtrscls deluding derivative contract Hence. rhe question
of any nurtciial foreseeable fosses does not uisc;
(Hi) Them I has been no delay -in transferring anwufilB, required :o ho muiafeiraJ^ i<> ihc tnvastoi Education
and PWAcLTion Find by lhc Company.
(is) (a) The Mcmapcmrnl has represented Ihac. 1ci (lie bco of iis knowledge and bdu.T. no funds have been advanced or loaned or invented (either from burujiv-ed fonds or share premium or uny other scrapers or kind of njvKts) by ihe Company lo or in any other person or onttly, inekidiitt? foreign enciLie? i"ÝfriterniodisiicO with Lhc understandino. whether rctsirdcL! ii uarilinu or (kthenvise. ihai the Inteimcdiary shall, dirccih or iudir«(ly lond w ^nvesl ir olher peraan^ or entities idcfoiliod m aay
nupiibCr whsttVOeVer byCit Oil neh iliforf I he (.'LKrnpiCinj. C'L IIihiuLl l3eni.lei..ni.-^",)C'rp,n>vidL utiy L^uiiijnkL, security lit [he like on beLiall'-Dl"die L:liininie liencfiLiai ii-..
(bf The MtHVflgcnwm has repnesenfed, ihnt, (o the best of is taiowlodgc and belief, iw funds Iwoe been received by thcCcn^stiy from any person orenuty. meludiai' Jdreian entities i'l-'uadinii Padics'T. wilh the und£JStflfljdi[(gi whether rtieoixtcJ in wriliug or other* in;. ihJL tlit Company shill I. directly ui radirecily. lend w invest in ocher persons or end hies identi fied itt any manner lylialsoover by or on hihalf of the Funding Parly ("L ILmlisic Beneflejan.es"> or pioeide any gLiaTJitteo. seeurly oi1 die like or. behalf of the Uhirn.Ll^ BftlWciilIKE
(e) Efosed on il r audit pTOoctluifiS :h;u li.is been considered reammubleand jpproprune in the eLraimstiOLees. nothing has conae m our nocice thaL lias caus*3 ue to believe tbunL Hie rjpiosentaiioni under sarb-claiioiih and i ii|, ()Ý' Rule I |{e)contain any nuletial mi-sIsiLiiieiu
i v) ISic imcrim dividend dctlured by the C'o=mp^iny durin|i the your is tn accordance ivith weLion 123 o-t'lhc
.Act Id the cvrerl ii applies to deck rati mi cit dividend However, I ho said dividend vij& noi pnid -tn the dirte of Hus -nud ir rv-pnri
{vil 31;l-jlI lih our otiilhiiValiim Ulfljfth i:il-|liJl=iE [£4,1 ChttkS, UKcepL linr l'ht; :risl:irtL-^i- stiOrttiiriLid ^l-.li^-, fllHj
Ciiiiipiiny Iilii. l-.l!il L±LLi Liriliri;L' 11flu11it immkiirmru ill- I'Lii.i..-, nl iio.-cunt win eh liiiiii ;i KliLlitj Ý.Ý 'Ý i _'l111J.i11jj. huJLl trail (edit )oy) facility and the &raq b*s o periled lIhli.iv.Ilulu the yem :u: all relevant transactfdiis- recorded i n the nspectiw tofinma,
f i "l"hc fcahine nf recoiditi^ nudi1 trail tvsk not enabled si I he database level fur aecruintinji soqkire To lag any dLDMl ditla changes.
(ii) In rhe Absence of iisdcjrendem auditor^ rerotl tn relation to ccwrrols ei service we&tiisflEion for BODOui lb ny sofi u i: re used for mai nia. in in a tfte toot a ii f ii^c&uni Mini iiLn to payroll process, wjtiel i wa^ operated tliroLJ^icnjt lbs year by a ibird party -jofitvarc seivice provider, we ore mm He to contatiHl whedjtpr srflt engil tenure or the said software was enabled and operated rhtuaialKun I ho your Ini' all ieletai.it iranuictioEis reemnled in die scMi ware.
Further, lor Lhc period ill-.l: L lr.nl (edn lott) ladiily 'van enabled ami opcraLed tor ihe respective accounting Softwares. we did nflt^Offlie actons any EiistiULce of the audit [rest feature being tampered ft i ill.
Ass proviso 10 Rule 3[ \] of tbe Companies (Account Rules. 2014 is applicable from April L 20(23. report in £ uihEei Rule I N^ot'lhe t’oiiipaiik--: I \uthr ond AuLiilom) Rdlss, 2 014 <vn pre^crvaC-nri of sum tn*:l us piT Hu1 statutory requirements for record Kteniion is not apfilicuble for ihe liiwracial year ended MaichJI, 2i.\2A.
For BCJ.JC Aiwtiates LLP
(-bartered AccLiunlunn;
I'nm'f- jicgislriiliop S<\ iJ033('4N'\;Hl(J05fr
Frunji Jain FsrllWJ
Membernhtp \ti. (WK.’Ofl
i niN: zjvwyocwmirpzz.w-.H
Link: May 02, ZV2-*
PluLC: (j'jiu^latli
1
Obtain an understanding of imental coatlml idevunL ttr Lbe ati-Jil in ankT tu tLosign uudil priscedures ihat uro iippropnak' in ihe ciiCudHitancai Under ^eolitm 14.10MH uf (he Act. We are also responstble for eTprovtiug tun opinion ou whothor Lhe company I:as- adoquULe imemaL CinuaciaL lysiiulvIs with tofctence n> flitancLnl siui.oiie i:- in plnee and die npcraling cil'cctivencw^ of such conrnols.