We have audited the accompanying financial statements of Indra Industries Limited ("the
Company”), which comprise the Balance Sheet as at 31^st March, 2024. the Statement of Profit and
Loss including the statement of other Comprehensive Income, the Cash Flow Statement and the
statement of change in Equity for the year then ended and notes to the financial statements, including
the summary of the significant accounting policies and other explanatory information (hereinafter
referred to as ”the tinancial statements”).

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 3 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, of the state of affairs of the Company as at March 31, 2024 and its loss, total comprehensive
income its cash flows and changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the tinancial statements in accordance with the Standards on Auditing
(“SA”s) specilicd under section 143(10) of the Act. Our responsibilities under those standards are
further described in the Auditor's Responsibility 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 (‘*1CAI”) together with the ethical requirements that are
relevant to our Audit of the Financial Statements under the provision of the Act and the Rules made
there under, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the ICAl’s Code of Ethics. We believe that the audit evidence obtained by us is
sufficient and appropriate to provide a basis for our audit opinion on the standalone financial
statements.

Key Audit Matters:

Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of 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 such key Audit matters to
communicate in our reports.

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

The Company's Board .of Directors is responsible for the preparation of die other information. The
other information comprises the information included in the Management Discussion and Analysis.
Board's Report including annexure to Board’s Report, and Shareholder's Information, but does not
include the financial statements and our 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 no material misstatement of the
other information, we are required to report that fact. We have nothing to report in this regard.

Management Responsibility for the Standalone 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, cash flows and changes in equity of
the Company in accordance with the accounting principles generally accepted in India. This
responsibility also includes maintenance of adequate accounting records in accordance with the
provisions ol 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 arc 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 standalone
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.

During the year under audit the company has disposed of all its operational assets and other assets
including land and buildings, plant and machineries and other fixed assets. As a result of disposal of
assets, the business operations of the company have come to a standstill.

The Board of Directors is also responsible for overseeing the Company’s financial reporting process.
Auditor’s responsibilities for the Audit of 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 any involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.

• Obtain an understanding of internal financial controls relevant to the audit in order to design
audit procedure’s that are appropriate in the circumstances. Under section I43(3)(i) of the Act,
we are also responsible for expressing our opinion on whether the Company has adequate
internal financial control 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 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.

• 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.

• 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.

Materiality is the magnitude of misstatements 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.

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 w'hen. 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 to. the extent applicable.

2) As required by section 143(3) of the Act, based on our audit 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.

c. The Balance Sheet, the Statement of Profit and Loss including the statement of other Comprehensive
Income, the Cash Flow Statement and Statement of changes in Equity dealt with by this Report are
in agreement with the books of account.

d. In our opinion, the aforesaid financial statements comply with the AS specified under section 133 of
the Act.

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

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 report 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 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 Company has complied with the
provisions of Section 197(16) of the Companies Act. 2013

h. With respect to 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 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; as such the
question of commenting on any material foreseeable losses thereon does not arise.

(iii) There has been no delay in transferring amounts, required to be transferred, to the Investor
Education and Protection Fund.

(iv) (a) The Management of the Company have represented to us that, to the best of their knowledge
and brief belief, no funds (which are material either individually or in aggregate) have been advanced
or loaned or invested (either from the 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

• directly or indirectly lend or invest in other persons or entities identified in any
manner whatsoever by or on behalf of the Company or (“Ultimate beneficiaries’')
or

• provide any guarantee, security or the like on behalf of the Ultimate beneficiaries.

(b) The Management have represented to us that, to the best of their 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

• 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 such audit procedures as considered reasonable and appropriate in the circumstances,
nothing has come to our notice that has caused us to believe that the representations are under sub
clause (iv) (a) and (iv) (b) contain any material misstatement.

v. No Dividend is declared or paid by the Company during the year.

h

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 w.e.f. April I, 2024, and accordingly, reporting under Rule 11(g) of Companies
(Audit and Auditors) Rules, 2014 is not applicable for the financial year ended March 31, 2024.

For S. N. Gadiya & Co.

Chartered Accountants
ICAI FRjN: 002052C /v''*

^indore )?} •

Satya Narayan GadiytNvyv^

Proprietor

Membership No. 071229
LiDIN: 24071229BKCQXQ3688

Place: Indore .

Date: 30th April, 2024