We have audited the uceompanving Ini! AS Financial Statements [jfVippy Spill pm l.iillilcd (‘The Company¹’!,
which comprise the¹ Balance Sheet as at March 31. 21)25 and (he Statement of Profit and Loss (including Other
Coinpreben s ive I ttcome). Statement of Changes i n liquity and Cash Flow Staleme nt for the year then ended, an d notes
to the financial statements, indud i ng Lite materia] account tog policy infijmiatiori arid other explanatory in formation

In Our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS
ftnaneial statements give the information required by the Companies Act, 2013 f ^LAef) in the manner so required and
give a true and tai r v i ew in conformity with the Indian Account i ttg Standmxls (" ind AS^:’) prescribed tinder Section 13 3
of the Act read with the Companies (Indian Accounting Standards) Rules. 2015. as amended. ( ^Llnd AS¹¹) und other
accounting principles generally accepted in Indin, of the stale of tilTni rued the Company as m March 31,2025 and its
profit and other comprehensive i ncomc, c hatiges in cqu ity and its cash flows tor the yea r ended on that date.

Basis for Opinion

We conducted our audit of the aforesaid financial statements in accordance with the Standards on Auditing (“SAs"l
specified under Section 143( 10) of the Act, Our responsibilities under those S As are further described in the Auditor's
lii'sptjnstbrfitU'x far ihc AutUt of'tht-Fmaniitil Stiiicmctus section ofoiff report. We are independent of the Company in
flCcocdanct with the Code of r lines issued bv the Institute of Chartered Accountants of India ("TCAl") together with
the ethical requirements that arc relevant to our audit of I he financial statements under the provisions of the Act and
the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with tlicsc
requirements und Iho Cork¹ of nihks issued by 1C Al. Wc believe that the audit evidence obtained by ilk is sufficient
and appropriate to provide a basis lor out op i ni on on the financed sLulcmen is,

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in our audit of the
financial Statements of the current period. These matters were addressed in the context of our audit of the financial
statements as a whole, and informing onr opinion thereon, and wc do not provide a separate opinion on these matters.
We huve determined tile following matters tube the 'Key Audit Matters' tobeCurinminLeuted in our tepeut.

[Ýformation Other (him the Financial Statements and Auditor's Rqmrl Thereon

The Company's Board of OirwlOP is responsible frir the other information The olher information comprises the
information included in the Company's Annual RjC|»ort such as Directors' Report. Management Discussion &
Analysis Report, etc., hut does not include the financial statements and onr auditor's report thereon.

Our opinion nr the financial Statements Joes sill cover Lhu Other information and we do not express uny form of
assum nee conclusion thereon I n connect ion with our an Jil of 1 he Jina ncia I statement s, our nrsporisib il ily is. 10 read I he
other information and, in doing so. consider whether the other information is materially inconsi stent wit It the financial
Statements or our knowledge obtained Lturiiijj; the course tiTour audit nr otherwise appear* to be materially misstated.
If based on the work wc have performed, we conclude that there is a material misstatement of this other information,
wc arc required to report that fact. Wc have nothing to report in this regard.

Managers cat's Responsibility far the Financial Statements

The Compan/s Bound Of Directors arc responsible for the matters stated in Section ] 34(5 1 of the Act with respect lo
the preparation of these financial slatcmenls that give a (rue and fair view of the state of affairs, profit and other
comprehensive income, clianges in equity and cash flows of the company in accordance with the accounting
principles generally accepted in India and Ind AS specified under sec lion I .id 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 deteehng frauds and other irregularities;
selection and appl icalion of appropriate accounting pd ioies; mat i tig j u Jgmenls and esli mates that ore reasonable and
prudent; and tlesign. implementation and maintenance of iidequule in I emu I financial controls, thul 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 (air view and are free from material misstatement,
whether due lib fraud Or error

In preparing the financial statements, management and Board of Directors are responsible for assessing the
company's ah I i ty to continue as a goi tig concern, disclosing, as applicable, matters related to goi ng concern and usi ng
the going concern basis of accounting, unless the management cither intends to liquidate the company or to cease
operations, or has no realistic alternative but to do so. The Board of Directors is also responsible for overseeing the
Company's financial reporting process.

A ud il nr¹ s Kespc nsihil ities for I he Audit of th t Fi nan cla l State m m I s

Our objectives are It) obtain reasonable assurance about whether the Financed Slalenients us n Whole are tree from
material misstatement, whether duo 10 fraud or error, and to issue an Auditor's Rc|»rt that includes our opinion.
Reasonable assurance * a high level of assurance, bill is not a guarantee Lhal an audit conducted in accordance with
SAs will always detect a material misstatement when iL cjiisis. Misstatements can arise from fraud or error and are
considered material if. individually or in the nggregMe. they could reasonably be expected to influence the economic
decisions of users taken on the basis of these tinancial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain pitrlessional skeptic ism
throughout the audit. We also;

« Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, design and iterfonn audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a has is tor our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher I him lor one resiilling I mill error, as fraud may involve collusion, forgery,
intentional omissions, rnisreprcsenlsuions.or ihc override of internal control.

• Obtain an understanding of internal financial control relevant to the audit ia order to design audit procedures
that are appropriate in the. circumstances. Under Section 141{l)(i} of die Act, wc am also responsible
for expressing our opinion on whelher the company has adequate internal li nan rial control* system with
rc fcrcncc 1 o fi nanc i a I statement i n p lace and Lhc opera ling effect i vencss of such coni rots.

• Evaluate the appropriateness of accounting politics used and the reasonableness gf accounting

i mates and related disc Insures made by Lhe management

• COlB I Lute i tji lhe a]T]in rprialcness of rnanagemeitt'S use m T LtiU going toucCn i has i s of aeeuuntidy and, based
on lhe audit evidence obtained, whether a material uncertainly exists related to events ot conditions that may
cast si gn i Heart doubt on Hie Com pun y's a h i lily to coni i nue as a going concern, I f we cone] tide that material
uncertainly exists, wears required to draw attention in our Auditor's Repori to the relaled disclosures in the
financial statements or, if such disclosures arc inadequate, to modify our opinion, Our conclusions arc
based on the audit evidence obtained up to the date of olii Auditor's Report. However, future events or
conditions may cause the company to cease to continue as a going concent,

• Evaluate the overall presentation, structure und content of the financial sljitemenls. including
the disclosures, and whether the financial statements represent (he underlying transactions and events in a
manner that achieves fail' present Jl i on.

Materiality is the magnitude ot^L misstatements in the financial statements that, individually or in aggregate,
makes il probable ihat the economic decisions of a reasonably knowledgeable user of the financial
slatemcnts may be influenced We consider quantitative materiality and qualitative faelors in¬
ti) plan n i ng the scope of our aud i t work a nd i n c valuati ng the results of our work; a nd
(i i) to evaluate the effeci o fany idemi fi ed m i Ýsstru eunmts in the fi n une i al statements.

Wc eominuniculo with those charged wilb governance regarding, among other matters, the planned scope and
timing of the audit and s i gni fieunl audir fi nd i ngs. i nclud i n g any sign! fie ant dofie iene tea in imental cont rol that
we Identify during our audit

We also provide those charged with governance with a statement that wc have com plied with relevant ethical
requirements regarding independence, and to communicate with them all relationships, and other matters that
m<iy reasonably be Lhoughl to hear On our independence-, aud where applicable. related safegwiirds,

From (he matters witimimicated wiLb those charged with governance, we determine ibose mutters that were of
most s ign i fieance i n the audit oft lie finane iat slnlemcnts o fLhc curnom period and are there fore Lhe key audu matters,

Wc 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 it matter should not be common iented irt our
reporL because the adverse consequences of doing so would reasonably be expected to outweigh the public
interest benefit ofsueh communication,

Report on Other I .e c a 1 and Regultrtory Require memtt

]) A s required by the Companies (Auditor's Report) Order, 2020 f “the Order") issued hy the Central Government in
terms of Section 143(1 l)of theAet, we give in “Ann enure A" a statement on the matteis specified in paragraphs
2 and 4 afthe Order, to the extent applicable.

2) Asrequiiedhy Section 143(3) ofthe Act, were report that

a) We have sought and. obtained ali (he information and explanations, which to the best of our knowledge and
bcl ief wei e necessary for the purposes of our and it isfthe accompanying financial statements.

b) In our opinion, proper books of accounl as required by law have been kept by the company so far as it
appears from our examhiHtkm of those books.

e) The Balance Shcel, the Statement of Profit and Loss (including Other Comprehensive Income). the
Statement of Changes in trinity and the Statement of Cash Row dealt with by this report are in agreement
with lire books ofaecounL

d) in our opinion, the aforesaid financial statements compiy with the Ind AS specified under Section 133 of
the Aci.

c) On the basis of the written representations received from the directors as on March 31, 2U25 taken on
record by the Board of Directors, none of the directors is disqualified as on March 31, 2023 from being
appo i nted as a director in terms of Section l fi4(2) o f the Act.

fi With respect to the adequacy of ihc internal financial controls with reference to financial statements of
tlte Company as on March 31, 21)25 and the operating effectiveness of such controls, refer lo our separate
report in ^uAnn#Xlir« H*¹, (3trr report expresses an unmodified opinion on the adequacy and Operating
efTecI i vencss of the Company's internal fi nane i a I contro Id o W financial reporting.

g) With rCspCc! to the other mutters to be included in the Auditor's Report in accordance Ýwith the
requirements of Section 197(16} of the Ael, as amended, in our opinion and to the best of our
information and according to (he explanations given to us, the remuneration paid by the company to its
d i rectors during the year is in accordance w itb the pro e isions o f Section 1 'il of the Act.

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, as amended, ill oui opinion arid to the best of our information
and according to the explanations giver (OUs:

(i) The Company has disclosed (he impact of pending litigations as at Match 31,2025 cm Us financial
position in ils financial statements - Refer Note 33 to Lhe financial statements;

(ill The Company did not Itavc any long-term contracts including derivative contracts for which there were
any material foreseeable losses as at March 31,2025.

(iii) '] here was no amount required to bctransfcfrcd to lhe Investor Education and Protection blind by the company.
(iv> Reporting tin loans, advances und investinent-

a. I'he management has represented lliat, to the besL of its knowledge and belief, tto 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 (Ics). including foreign
entities {"Intermediaries"), with the understanding, whether recorded in writing or otherwise, that
the [atfirmediary shall, whether, directly or indirectly lend or invesi in other persons or entities
identified in tiny manner whatsoever by or or behalf of the company (‘‘Ultimate Beneficiaries'¹) or
provide arty guarantee, sccuri ly or I he! i kc on bcha I f o f lhe UI tiuuite Bene ticia ri cs;

b The management has represented that, to the he'd of its knowledge and belief, no fundi have been
rceeivcd by the company from any i»eraoLi{s) or ftntityfics), including foreign omitics. (“Funding
Parties"), with (he understanding, whether recorded jn writing or otherwise, that the company shall,
whether, directly or indirectly, lend or invest in other persons or entiiics identified in any manner
whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries"} or provide any
guarantee, security or the like on behalfof the Ultimate Beneficiaries; and

c. Based on such audit procedures performed that were considered reasonable and appropriate in the
circumstances, nothing has come to our attention that has caused us to believe that the management
represents! ions under sub-el nose (a) and (b) above contain any material misstatement.

(v) The company has neither paid [tor declared any dividend during the year. Therefore, compliance of
Seetion i 23 of the Aet is nut required,

(vi> Based on our examination which included test cheeks, the company has used an accounting software
feu maintaining its hooks of account which lias a feature of recording audit trail (edit log) lac i Lily and
the same has operated throughout the year for ah relevant transactions recorded in the software.
Further, during the course rtf our audit we did not come across any instance of audit trail feature being
tampered with and the audit trail has been preserved by the company as per the statutory
requirements for record retention,

F'ui' K, S, Itansul & Company

Chartered Accountants
Ffttf:00M39G

Place. Dewas (CA, VjJ»v nansal)

Date: May 5*_t 2025 Partner

UDIN: 25075344BMJLTPI740 MNo. 07*344