We were engaged to audit the financial statements of Alexander Stamps and Coins
Limited (“the entity”), which comprise the balance sheet as at March 31, 2024, the
Statement of Profit and Loss (including Other Comprehensive Income), the
Statement of Changes in Equity and the Cash Flow Statement for the year then ended,
and a summary of the significant accounting policies and other explanatory
information.

We do not express an opinion on the accompanying financial statements of the entity.
Because of the significance of the matters described in the Basis for Disclaimer of
Opinion section of our report, we have not been able to obtain sufficient appropriate
audit evidence to provide a basis for an audit opinion on these financial statements.

Basis for disclaimer of Opinion

1. We draw attention to the Note No 30 to the Financial Statements, with respect
to the Investments as stated in Non-Current Investments amounting to Rs.
113.67/- Lakhs, the requisite documents with respect to this investment are
not available with the Company, in the absence of sufficient information, the
Management has also not provided for any Impairment for the same and in
turn we are unable to comment on the carrying value of Investment made by
the Company and the consequent impact thereof on Other Comprehensive
Income.

2. We draw attention to the Note No 26 to the Financial Statements, in respect
of the Outstanding Income Tax demand for the Assessment Year 2017-2018,
amounting to Rs.344.56/- Lakhs, for which the Company has neither filed any
appeal nor created any provision in the books of accounts.

3. We draw attention to the Note No 29 to the Financial Statements, the
inventory valuation as on 31.03.2024 include Inventories amounting to Rs.
1641.62/- Lakh valued as per Valuation report dated 8^th May 2023, stating
valuation as on 31^st March 2023 Consequently, we had relied upon for the
valuation of the inventories as on 31st March ,2024 also. we are unable to
ascertain the impact due to deviation in inventory valuation on the Ind AS
Financial statements as on 31.03.2024.

Emphasis of Matter

a. We draw attention to the Note No 26 to the Financial Statements that due to
non-payment of income tax demand and filling of appeal against the demand
for the Assessment Year 2017-2018, CBDT Freeze the bank account of
company.

Our opinion on the standalone financial statements is not modified in respect
of the above matters.

Material Uncertainty Related to Going Concern

The Financial Statements in respect of the Non-moving inventories amounting to Rs.
1641.62/- Lakh, which comprises of the 92.83% of the total assets of the company.
Non-moving inventories along with other matters set forth in the “Basis of disclaimer
Opinion” section above indicate the existence of material uncertainty that may cast
significant doubt about the Company’s ability to continue as a going concern.
However, in view of mitigating factors including business plan, the management is
of the view that going concern basis of accounting is appropriate. Our opinion is not
modified in respect of this matters.

Information other than the Financial Statements and Auditor’s Report thereon

The Company’s Board of Directors is responsible for the other information. The
other information comprises the information included in the Annual Report 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 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.

Responsibility of Management for 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 state of affairs
(financial position), profit or loss (financial performance including other
comprehensive income), changes in equity and cash flows of the Company in
accordance with the accounting principles generally accepted in India, including the
accounting Standards specified under section 133 of the Act. 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.

Those Board of Directors are also responsible for overseeing the company’s financial
reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our responsibility is to conduct an audit of the standalone financial statements in
accordance with Standards on Auditing and to issue an auditor’s report. However,
because of the matter described in the Basis for Disclaimer of Opinion section of our
report, we were not able to obtain sufficient appropriate audit evidence to provide a
basis for an audit opinion on these standalone financial statements.

We are independent of the Company in accordance with the Code of Ethics and
provisions of the Act that are relevant to our audit of the standalone financial
statements in India under the Act, and we have fulfilled our other ethical
responsibilities in accordance with the Code of Ethics and the requirements under
the Act.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors’ Report) Order, 2020 (“the Order”)
issued by the Central Government in terms of section 143 (11) of the Act, and
except for the possible effects, of the matter described in the Basis for
Disclaimer of Opinion section, we give in the “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, based on our audit, we report that:

a) As described in the Basis for Disclaimer of Opinion section, we were unable
to obtain all the information and explanations which to the best of our
knowledge and belief were necessary for the purposes of our audit.

b) Due to the effects/possible effects of the matter described in the Basis for
Disclaimer of Opinion section, we are unable to state whether 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 standalone balance sheet, the standalone statement of profit and loss
(including other comprehensive income), the standalone statement of
changes in equity and the standalone statement of cash flows dealt with by
this Report are in agreement with the books of account.

d) Due to the possible effects of the matter described in the Basis for Disclaimer
of Opinion section above, we are unable to state whether; the aforesaid
standalone financial statements comply with the Indian Accounting
Standards prescribed under section 133 of the Act read with Companies
(Indian Accounting Standards) Rules, 2015, as amended.

e) On the basis of written representations received from the directors as on 31st
March 2023 taken on record by the Board of Directors, none of the directors
is disqualified as on 31st March 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 standalone financial statements of the Company and the operating
effectiveness of such controls, refer to our separate Report in “Annexure B”.

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. Except for the possible effects of the matter described in the Basis for
Disclaimer of Opinion section, the Company has disclosed the impact of
pending litigations as at March 31, 2023 on its financial position in its
standalone financial statements - Refer Note 31 to the standalone
financial statements.

ii. Except for the possible effects of the matter described in the Basis for
Disclaimer of Opinion section, the Company did not have any long-term
contracts including derivative contracts for which there were any material
foreseeable losses.

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

a) The Management has represented that, to the best of their knowledge and
belief, 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 their knowledge and
belief, that 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 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) contain any material mis-statement.

iv. There is no dividend declared or paid during the year by the Company
and hence provisions of section 123 of the companies Act, 2013 are not
applicable.

For M Sahu & Co
Chartered Accountants
Firm Registration No: 130001W
Sd/-

(Manojkumar Sahu)

Partner Date: 24/05/2024

Membership No: 132623 Place: Vadodara

UDIN: 24132623BKELKR6539