We have audited the accompanying standalone Financial Statements of Elango IndustriesLimited (the
Company),which comprise the Balance Sheet as at 31 March 2024, the Statement of Profit and Loss,
(including thestatement of other Comprehensive Income), the Statement of Cash Flow, the statement
of changes in Equity for the year then ended and notes to the financial statements, including a
summary of significant accounting policies and other explanatory information(herein after referred to as
‘Standalone Financial Statements’).

In our opinion and to the best of our information and according to the explanations given to us,except for the
effects of the matter described in the Basis for Qualified Opinion in our report, the aforesaid standalone
financial statements give the information required by 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, of the state of affairs of the Company as at 31 March 2024, its profits
including other comprehensive Income,its cash flows and the statement of changes in equity for the year ended
on that date.

Basis for QualifiedOpinion

Based on information provided to us by management, the Standalone Financial Statements consists of a
Rs.1,09,96,636/- under Other Non-Current Assets - Electricity Subsidy . As per explanations received; this is
Electricity Subsidy receivable pending for a long period. In the absence of adequate information with regard
to their present status, we are unable to ascertain the recoverability of this balance. Balance confirmation for
transactions with some of the Companies who are Related Parties are to be obtained and reconciled.

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 Standalone Financial Statements section of our report.
We are independent of the Company inaccordance 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 Standalone
financial statements under the provisions of the Companies Act, 2013 and the Rules there under, 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 appropriateto provideabasis forourqualified
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 the standalone financial statements of the current period. These matters were addressed in the context of our
audit of the standalone financial statement as a whole, and in forming our opinion thereon and we do not
provide a separate opinion on these matters.

In addition to the matter described in the Basis for Qualified Opinion section we have determined the

matters described below to be the key audit matters to be communicated in our report.

Information other than Financial Statements and Auditor’s Report thereon

The Company’s management and Board of Directors are responsible for the other information. The other
information comprises the information included in the Board’s Report including Annexures to the Board’s
Report, Business Responsibility Report, Corporate Governance Report and Shareholder’s information, but
does not include the standalone financial statements and our auditor’s report thereon.

Our opinion on the standalone 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 standalone financial statements, our responsibility is to read the other
information 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. We have
concluded that such material misstatement of the other information exist in respect of matters described in the
basis for qualified opinion section above.

Responsibility of Management and those charged with governance 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 (‘theAct’) with respect to the preparation and presentation of these standalone financial statements that give
a true and fair view of the financial position, financial performance including Other Comprehensive Income, cash
flows and the statement of changes in equity of the Company in accordance with the accounting principles
generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under Section 133 of
the Act, read with Rule 7 of the Companies (Indian Accounting Standards) Rules, 2015 as amended and the
relevant provisions of the Companies Act, 2013. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safe guarding 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 thatare reasonable and prudent; and design, implementation and
maintenance of adequate internal

financialcontrols,thatwereoperatingeffectivelyforensuringtheaccuracyandcompletenessof 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 Standalonefinancial statements, 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.

Those Board of Directors are also responsible for overseeing the company’s financial reporting process.
Auditors’Responsibility for theAudit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the Standalone 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 scepticism
throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone 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 may involve collusion, forgery, intentional
omissions,misrepresentations,or theoverride of internal control.

• Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that
are appropriate in the circumstances.Under section 143(3)(i) of 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 and Board of Directors.

• 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
standalone 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 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 standalone financial statement, including the
disclosures, and whether the standalone financial statements represent the underlying transactions and events
in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in
aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the
Standalone 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 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.

From the matters communicated with those charged with governance, we determine those matters that were
of most significance in the audit of the standalone 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 when, 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’sReport) 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’, astatement on thematters specified in paragraphs 3 and 4 of the order, to the extent applicable.

2. As required bySection 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. Except for the effects of the matters described in the Basis for Qualified Opinion paragraph above, 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, the Cash
Flow Statement and statement of changes in Equity dealt with by this Report are in agreement with the
books of account;

d. Except for the effects of the matters described in the Basis for Qualified Opinion paragraph above,in
ouropinion, the aforesaid standalone financial statements comply with theIndian Accounting Standards
specified under Section 133 of the Act.

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

record by the Board of Directors, none of the directors is disqualified as on 31 March 2024 from being
appointed as a director in terms of Section164(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’; and

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 the
explanations give to us, the remuneration paid by the Company to its directors during the year is in accordance
with the provisions of section 197 of the Act.

h. With respect to the other matters to be included in the Auditors’ Report in accordance with Rule11 of the
Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best ofourinformation and
accordingto 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; and

iii. There were no amounts which were required to be transferred to the investor Education and Protection Fund
during the year, by the Company.

iv. (a) 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 (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 persons or entities, 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, other than as disclosed in the
notes to the accounts, 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 Parties (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 representation under sub-clause (i) and (ii)
of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

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

vi. Based on our examination,which included test checks, the company has used an 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 same has operated throughout the year for all relevant transactions
recorded in the software. Further, during the course of our audit we did not come across any instances of audit
trail feature being tampered with.

As proviso to Rule 3(1) of the Companies (Accounts) Rules,2014 is 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 P PATTABIRAMEN & CO.,

Chartered Accountants
Firm Registration No.: 002609S

P VIJAY ANAND

Partner/Membership No: 211954
UDIN: 24211954BKASEL6615

Place: Chennai
Date: 27^th May, 2024