We have audited the financial statements of SWADESHI INDUSTRIES & LEASING LIMITED (“the
Company”), which comprise the balance sheet as at 31st March 2024, and the statement of Profit and Loss
(including Other Comprehensive Income), the Statement of Changes in Equity, the Statement of Cash Flows and
notes to the standalone Ind AS financial statements, for the year ended on that date, and a summary of the
significant accounting policies and other explanatory information (hereinafter referred to as “the standalone
financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
standalone 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 Standard prescribed
under section 133 of the act read with 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 31
March, 2024 and its Loss, total comprehensive income, its cash flows and the changes in equity 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 Companies Act. 2013 ("the Act"). Our responsibilities under those SAs are further described in the
Auditor’s Responsibilities for the Audit of the Financial Results section ofour report. We are independent of the
Company, in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India
together with the 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 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 results.

Key Andit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of
the standalone financial statements of the current period. These matters were addressed in the context of our
audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters.

Information other than the Standalone Financial Statements and Auditor’s Report thereon (hereinafter
referred as “other information”’!

The Company’s Management and Board of Directors are responsible for the preparation of the other
information. The other information comprises the Board’s report and management discussion and analysis
included in the annual report but does not include the Standalone Financial Statements and our report thereon.

Our opinion on the Standalone Financial Statements does not cover the other information and we do not express
any form of assurance and'or conclusions thereon.

In connection with our audit of the Standalone Financial Statements, our responsibility is to read the other
information identified above when it becomes available and, in doing so, consider whether the other information
is materially inconsistent with the Standalone 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.

Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matte re 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 state of
affairs (financial position). Profit or loss (financial Performance including other comprehensive incomeX change
in equity and cash flows of the Company in accordance with the accounting principles generally accepted in
India, including the Indian Accounting Standards (‘Ind AS’) the financial position, financial performance 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, read with Rule 7 of the Companies (Accounts)
Rules, 2014.

Tlus responsibility also includes the maintenance of adequate accounting records in accordance with the
provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the 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 internal financial
control, that were operating effectively for ensuring 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 misstatement, whether due to fraud or error.

In preparing the financial statement, the Management and the Board of Directors are 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 the accounting unless the Board of Directors either intends to liquidate the
Company or to cease operations, or has no realistic alternative but to do so.

The Company's Management and the Board of Directors are responsible for overseeing the company’s financial
reporting process.

Auditor’s Responsibility

Our objectives are to obtain reasonable assurance about whether the financial results 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 results.

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 statement whether due to fiaud 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 may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.

• Obtain an understanding of internal control 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 whether the company has adequate internal financial controls with reference to financial statements m
place and the operating effectiveness of such controls,

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures in the financial results made by the Management and Board of Directors.

• Conclude on the appropriateness of the Management and Board of Directors 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 matenal uncertainty exists, we are required to draw attention in our auditor's report to the related
disclosure in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusion is
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 presentations, structure and content of the financial results, including the disclosers, and
whether the financial results represent the underlying transaction and events in a manner that achieves fair
presentations.

• Materiality is the magnitude at misstatements in the Statement that, individually or in aggregate, makes it
probable that the economic decisions of a reasonably knowledgeable user of the Statement 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 Statement.

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 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.

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”, a
statement on the matters specified in paragraphs 3 and 4 of the Order.

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.

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

(d) In our opinion, the aforesaid Ind AS 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 the written representations received from the directors as on 31st March, 2024 and taken on
record by the Board of Directors, none of the directors is disqualified as on 31 st 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 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 other matter to be included in the Auditors Report in accordance with the 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 for which there were any
material foreseeable losses.

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund
by the Company.

Iv. (a) The management lias represented that, to the best of its knowledge and belief, other than as disclosed m
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 m any other person) s) or entity(ies),
including foreign entities (“Intermediaries”), with the understanding, whether recorded in writing or otherwise,
that the Iutermediaiy shall, whether, directly or indirectly lend or invest in other persons or entities identified m
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 wilting 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, nothing has come to
our notice that has caused us to believe that the representations under sub-clause (i) and (ii) contain any material
misstatement.

v. No dividend has been declared or paid during the year by the company, hence Section 123 of the Companies
Act, 2013 is not applicable to the company.

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 31st March 2024 which has a feature of
recording audit trail (edit log) facihty 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 1st 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 31st March 2024.

For G C A S & Associates LLP
Chartered Accountants
FRN 32760IE

CA Parag Gudhka
Partner
MNo. 143380

LID1N: 24143380BKCKEG6398
Date: 29/05/2024