We have audited the financial statements of MAHALAXMI SEAMLESS LIMITED (“the Company”),
which comprise the balance sheet as at 31 st March 2024 the statement of Profit and Loss (including Other
Comprehensive Income), statement of cash flows, Statement of change in Equity for the year then ended,
and notes to the financial statements, including a summary of significant accounting policies and other
explanatory information.

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 Act in the manner so required and give
a true and fair view in conformity with the accounting Standard prescribed under section 133 of the
Companies Act read with the Companies (Indian Accounting Standards) Rules, 2015 as amended (“Ind
AS”), and the other accounting principles generally accepted in India, of the state of affairs of the
Company as at 31st March, 2024 its profit/loss , 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 Accounting Standards (AS) 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 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 together with the ethical requirements that are relevant to our audit of the financial
statements 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 appropriate to provide a basis for
our opinion.

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 statements as a whole, and in forming our opinion thereon
and we do not provide a separate opinion on these matters. We have determined the matters described
below to be the key audit matters to be communicated in our report.

Information other thnii the flnnnclnl statements nnd auditors’ report thereon

The Company’s board of directors is responsible for the preparation of the other information. The other
information comprises the information included in the Board’s Report including Annexures to Board’s
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 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 a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the 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 Ind AS financial statements that
give a true and fair view of 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 (AS) 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 statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.

In preparing the Ind AS 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 Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the Ind AS 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 existe
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 he
basis of these financial statements. ^{sers taKen on the}

As part of an audit in accordance with SAs, we exercise orofessinnal . . . ....

skepticism throughout the audit. We also: P^ro*ss.onal judgment and maintain professional

• 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 bnsis 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 Companies Act, 2013, 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.

• 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.

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or
m aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the
s an lone financial statements may be influenced. We consider quantitative materiality and qualitative
factors m (!) 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 standalone 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. internal

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

“Sri, ^m'^{y r}“^S°^n,b'^y " ^,lK,n8ln ” ^b" °ⁿ ™^r and where .ppSleSS

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2020 f“thp rirrior'n • , ,

CerM Government of India in remr, of ,ubSi«S ^by.‘'¹'

2013, we give in the ‘Annexure A’, a statement on the ^Co?Panies Act,

the Order, to the extent applicable. ^ ^ln P^ara8^raphs 3 and 4 of

2. As required by Section 143 (3) of the Act, we report that:

^a) - - -—

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),
the Cash Flow Statement and the Statement of changes in Equity 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 Accounting
Standards (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 31 st March, 2024
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 Ind AS
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 matter to be included in the Auditor’s Report under section 197(16), In
our opinion and according to the information and explanations given to us, the remuneration
paid by the Company to its directors during the current year is in accordance with the
provisions of section 197 of the Act. The remuneration paid to any director is not in excess of
the limit laid down under section 197 of the Act. The Ministry of Corporate Affairs has not
pi escribed other details under section 197(16) which are required to be commented upon by
us.

h) 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. The Company has disclosed the impact ,if any, of pending litigations as at March 31, 2024
on its Ind AS Financial Statements.

ii. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses.

iii. The Company has Rs.9,965/-relating to financial year 2007-2008 required to be transferred
to the Investor Education and Protection Fund by the Company.

iv. (a) The management has represented that, to the best of it’s 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 its knowledge and belief no funds
have been received by the company from any person(s) or entity(ies), including foreign
entmes ( Funding Parties”), with the understanding, whether recorded in writing
otherwise, that the company shall, whether, directly or indirectly, lend or invest in other

^any T^{anner whatsoever} by or on behalf of the Funding Party
Ultimate Beneficiaries?and ^ ^SeCUrity °^{r the like on} behalf of the

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5 roTi.ftfeac ?

(c) Based on such 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
representations under sub-clause (I) and (ii) of Rule 11(e), as provided under (a) and (b)
above, contain any material mis-statement,

v. No dividend have been declared or paid during the year by the company.

vi. Based on our examination, which Included test checks, the Company has used
accounting software’s 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's. Further, during the course of our audit we did not come
across any instance of the 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 AGRAWAL JAIN & GUPTA

Chartered Accountants

Firm Reg. No. 013538C ___

#2^ iSIi

slrwan Kumar Prajapati |* l FRHmMMy * JJ
Partner

Membership No. 199969 N^edAccP^

UDIN: 24199969BKAKKS1948
Date: 24^th May, 2024
Place: Mumbai