We have audited the accompanying financial statements of ELITECON INTERNATIONAL
LIMITED (formerly known as Kashiram Jain & Company Limited) (“the Company”), which
comprise the balance sheet as at 31^st March 2024, the statement of profit and loss, statement
of changes in equity and statement of cash flows for the year ended, and notes to the financial
statements, including a summary of significant accounting policies and other explanatory
information.

In our opinion and to the best of our information and 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
principles generally accepted in India of the state of affairs of the Company as at 31^sl March,
2024, and the net profit (including other comprehensive income), changes in equity and its
cash flows 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 Act. Our responsibilities under those standards 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 (ICAI) together with 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 ethical responsibilities in accordance with these
requirements and the Code of Ethics. We believe that the audit evidences we have obtained
are 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. 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 the matters described hereunder to be key audit matters to be communicated in
our report. f ...... / ,

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 Annexure to Board’s Report, Business Responsibility
Report, Corporate Governance and Shareholder’s information, but does not include the
financial statements and the auditor's report thereon.

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 and, in doing so, consider whether the other information is materially
inconsistent with the 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 a material misstatement
of this other information; we are required to report that fact. We have nothing to report in
this regard. ,._;y' ...

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

The Company’s 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, financial performance, changes in equity and cash flows of the
Company in accordance with the applicable accounting standards and the 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 are operating effectively for insuring 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 misstatements,
whether due to fraud or error.

in 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 is also responsible for overseeing the Company’s financial reporting
process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain a reasonable assurance about whether the financial statements as
a whole are free from material misstatement, whether due to fraud or error, and to issue our
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 due to fraud or error and are considered
material if, individually or in 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 the SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also;

(i) 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 one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations or the override of internal control,

(ii) Obtain an understanding of the internal 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.

(iii) Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.

(iv) 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 upto
the date of our auditor’s report. However, future events or conditions may cause the
Company to cease to continue as a going concern.

(v) 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 controls 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 reasonable be thought to bear on our independence,
and where applicable, relevant 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, 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.

Other Matters

We draw attention to Note no. 23(16) of the financial statements, The Company’s net worth
has been fully eroded. However, having regard financial support from its promoters, the
financial statements have been prepared on the basis that the Company is a going concern and
that no adjustments are required to the carrying value of assets and liabilities. Our opinion is
not qualified in respect of this matter.

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 Annexure A, a statement on the matters specified in paragraphs 3 and
4 of the order, to the extent applicable.

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 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 and proper returns
adequate for the purposes of the audit have been received from branches not visited
by us;

c. the Balance Sheet, the Statement of Profit and Loss, Statement of Changes in Equity
and the Cash Flow Statement dealt with by this report are in agreement with the books
of accounts;

d. In our opinion, the aforesaid financial statements comply with the applicable
accounting standards specified under Section 133 of the Act;

e. On the basis of the written representations received from the directors as on 31^st
March, 2024 taken on record by the Board of Directors, none of the directors is
disqualified as on 31^stMarch, 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 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 financial statements.

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, in our opinion and to
the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact, if any of pending litigations on its
financial position, in its financial statements [Refer note no. 23(1) of the
financial statements].

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

iii. The Company is not required to transfer any amount to the Investor Education
and Protection Fund.

iv. (a) The management has represented that, to the best of its knowledge
and belief, other than as disclosed in the notes to the accounts, 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, 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, other than as disclosed in the notes to the accounts, 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 such audit procedures we have obtained reasonable and
appropriate evidence in the circumstances; nothing has come to our notice that
has caused us to believe that the representations under sub-clause (i) and (ii)
contain any material mis-statement.

v. No Dividend has been declared or paid by the company during the period by this
report in pursuance with Section 123 of the Companies Act 2013.

vi. Based on examination, which includes test checks, the Company has used
accounting software for maintaining its books of account for the financial year
ended on 31^st March 2024 which has a feature of recording audit trail (edit log)
facility and the same has been operated throughout the year for all relevant
transactions recorded in the software. Further, during the course of our audit
and the audit trail feature has not been tampered with.

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable
from 1^st April 2023, reporting under Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014 on preservation of audit trail as per statutory
requirements for the record retention is not applicable for the financial year
ended on 31^st March 2024.

h. In our opinion and according to the information and explanations given to us, the
company has paid remuneration to its director during the current financial year in
accordance with the provisions laid down under section 197 of the Act, read with
Schedule V of the Act are being complied.

FOR V.N. PUROH1T a CO.

Chartered Accountants

Firm Regn. No. 304040E

^((*/ Ne$J)clhi Wjj

O.P. Pardek

Partner

Membership No. 014238

UDIN: - 24014238BKAUCD4293

New Delhi, 28^th day of May 2024