We have audited the accompanying standalone quarterly and year to date financial results of KALPA
COMMERCIAL LIMITED ("the Company") for the quarter and year ended on March 31, 2024 ("the
statement"), attached herewith, being submitted by the Company pursuant to the requirement of
Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
("Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us, these
standalone financial results:

i. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this
regard; and

ii. give a true and fair view in conformity with the recognition and measurement principles laid down in
the applicable Indian Accounting Standards (Ind AS) and other accounting principles generally
accepted in India, of the net profit and other comprehensive income and other financial information
of the Company for the quarter and year ended March 31, 2024

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10)
of the Companies Act, 2U13 (the ACtJ. uur responsiDlllties uriuer muse iidiiuaius die luimei uesuiucu in me

Auditor's Responsibilities for the Audit of the Standalone Financial Results 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 together with the ethical requirements that are relevant to our audit of the financial
results 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 aporgg£j|ite to provide a basis for our opinion.

Emphasis of Matter

The valuation of the investment made by the Company has been valued as per the Audited Financials March
31, 2024, where ever the Company held its investment.

Management's Responsibilities for the Standalone Financial Results

The Statement has been prepared on the basis of the standalone annual financial statements. The
Company's Board of Directors are responsible for the preparation and presentation of the statement that
give a true and fair view of the net profit and other comprehensive income of the Company and other
financial information in accordance with the recognition and measurement principles laid down in the
applicable Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act read with relevant
rules issued thereunder and other accounting principles generally accepted in India and in compliance with
Regulation 33 of the Listing Regulations. 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 standalone financial results that give a true and fair view and are free
from material misstatement, whether due to fraud or error.

In preparing the standalone financial results, 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 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 Board of Directors are also responsible for overseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of the Standalone Financial Results

Our objective are to obtain reasonable assurance about whether the standalone financial results as a whole
are free from material misstatement whether due to fraud or error, and to issue an Auditor s Report that
include our opinion. Reasonable assurance is a high level of assurance, but not a guarantee that an audit
conducted in accordance with SAs will always detect material misstatement which it exist. Misstatement 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 standalone
financial results.

As part of audit in accordance with SAs we exercise professional judgment and maintain professional
scepticism throughout the audit. We also:

i. identify and assess the risks of material misstatement of the standalone financial results, 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 frc^rn fraud is higher than for one resulting from
error, as fraud may involve cotlusiort^^orgerTN^^ntional omissions, misrepresentations, or the
override of internal control. [[«/ FRNNo.

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ii. Obtain an understanding of internal control relevant to the audit in order to design au it
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the company's internal control.

iii. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Board of Directors.

jv. Conclude on the appropriateness of the 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 material uncertainty exists, we are required to
draw attention in our auditor’s report to the related disclosures in the financial results 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.

v. Evaluate the overall presentation, structure and content of the standalone financial results
including the disclosures, and whether the financial results 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 control

that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant
ethical requirement regarding independence and communicate with then all relationships and other matters
that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matters

The Standalone annual financial results include the results for the quarter ended 31st March 2024,
being the balancing figures between the audited figures in respect of the full financial year and the
published unaudited year to date figures up to the third quarter of the current financial year, which
were subjected to limited review by us.

For SGR & ASSOCIATES LLP
Chartered Accountants

Place: New Delhi

Date: 30/05/2024

UDIN: 24507365BKDBNQ7021