We have audited the accompanying financial statements of VASUNDHARA
RASAYANS LIMITED ("the company’”) which comprise the Balance Sheet as at March 31
2024, the Statement of Profit and Loss including the statement of Other Comprehensive
Income, the Statement of Changes in Equity and Cash Flow statement for the year then
ended, 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 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 prescribed under section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS”) and other
accounting principles generally accepted in India:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at
March 31, 2024;

b) in the case of the Statement of Profit and Loss , of the Profit for the year ended
on that date.

Basis of 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 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 on the 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 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 that there are no key audit matters to communicate in our

report”

Responsibility of Management for the Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section
134(5) of the Companies Act, 2013 ("the Act”) with respect to the preparation of these financial
statements that give a true and fair view of the financial position, financial performance, total
comprehensive income, changes in equity and cash flows of the Company in accordance
with the Ind AS 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 statement 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 Responsibility 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 SA’s, We exercise professional judgement
and maintain professional skepticism throughout the Audit. We also :

Identify and assess the risk of material misstatement of the Financial Statements,
whether due to fraud or error, design and perform, audit procedures responsive to those
risk, 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 omission,
misrepresentations, or the override of internal control.

Obtain an understanding of internal financial controls relevant to the audits 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
exits related to events or conditions that may cast significant doubt on the Companies ability
to continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditors report to the related disclosure in the financial
statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are
based on the Audit evidence obtained upto the date of our Auditors 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 underline
transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatement in the 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 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 significance deficiency 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
auditors report unless law or regulations 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 for 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 in terms of Section 143(11) of the Act, we give "Annexure A” a
statement on the matters specified in paragraphs 3 and 4 of the Order.

2As required by section 143(3) of the Act, we report that:

a) we have sought & 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 appears from our examination of those books;

c) the Balance Sheet, and the Statement of Profit and Loss including other
Comprehensive Income, Statement of Changes in Equity and Statement of Cash
Flow dealt with by this Report are in agreement with the relevant books of account;

d) In our opinion, the aforesaid financial statements comply with the Ind AS specified
under Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014.

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 Financial Controls over financial
reporting of the Company and the operating effectiveness of such controls, refer
to our separate Reports in “Annexure B”. Our report expresses an unmodified
opinion on the adequacy and operating effectiveness of the Company’s internal
financial controls over financial reporting.

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) 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 derivative
contracts for which there were any material foreseeable losses.

(iii) There were no amount 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, no funds (which are material either individually or in the
aggregate) 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 or entity, including foreign
entity (“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, no funds (which are material either individually or in the
aggregate) have been received by the Company from any person or
entity, including foreign entity ("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;

(c) Based on the audit procedures 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 dividend paid by the Company during the year in respect of the same
declared for the previous year is in accordance with section 123 of the Act
to the extent it applies to payment of dividend.

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

As provision to Rule 3(1) of the Companies (Acccounts) Rules 2014
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.

For MAMTA JAIN & ASSOCIATES

Chartered Accountants
Firm Reg. No.328746E

UDIN : 24304549BKENQE8502 Mamta Jain

Place : Kolkata (Partner)

Dated: 28th Day of May 2024 Membership No.304549