A. We have audited the accompanying Standalone Financial Statements of I’.malU I ml u si rials
Limited (“the Company”), which comprise the Balance Sheet as at March 31,2024, the Sin: emeu:
of Profit and Loss (including Other Comprehensive income), the Statement of Changes in Equity
and the Statement of Cash Rows for the year ended on that date, and a summary of the significant
accounting policies and other explanatory information (hereinafter referred tr.wis "the Standalone
Financial Statements”).

B. In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid Standalone Financial Statcmentsgive theiniormation required by the Companies Act, 2013
(“the Act”) in the manner so required and gjve a true and fair view in conform!tv 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 March 31, 2024, the profit
and total comprehensive income, changes in equity and its cash flows for die year ended on thai
date.

2. Basis for Opinion

We conducted our audit of the Standalone Financial Statemcntsin aceordnncrwith the Standards
Auditing specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are
further described in the Auditor’s Responsibilities for the Audit of die Standalone Financial Statements
section ofour report. We are independent of die Company in accordance with the Code of Ethics issued
by the Institute of Chartered Accountants of India (1CAI) together with the independence requirements
that arc relevant to our audit of the financialstatements under the provisions of die Act and die Rules
made there under, and we have fulfilled our odier ethical responsibilities in accordance with these
requirements, and the ICAI’s Code of Ethics. We believe thatthe auditevidence wcltfvc obtained is
sufficient and appropriate to provide a basis for our audit opinion on the Standalone Financial Statements.

3. Key Audit Matters

Key audit matters are diose matters that, in our professional judgment, were of most significance in our
audit of the Standalone Financial Statements of die current period. These matters were addressed in die
context of our audit of the Standalone Financial Statements as a whole, and in forming or.r - >pn non thereon,
and we do not provide a separate opinion on these matters. We have determined that there are no matters
to be describedas key audit matters.

4. Information Other than the Standalone Financial Statements and Auditor’s Report Thereon

A. The Company’s Board of Directors is responsible for die preparation of the other information. The
Other information comprises die information included in the Management Discussion and Analysis
Board’s Report including Annexure to Board’s Report, Corporate Governance and Shareholder's
Information to the extent applicable, but does not include die Standalone Financial Statements and
our auditor’s report thereon. Our opinion on die standalone financial statementsdoes norover the
other information and we do not express any form of assurance conclusion thereon.

B. In connection with- our audit of die financial statements, our responsibility iaCibri^adqlfe riilicr

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information and, in doing so, consider whether the other information is materially inconsistent with
the Standalone Financial Statements orour knowledge obtained during the course of msr audit or
otherwise appears to be materially misstated. If, based on the work we have performed, we
conclude that there is material misstatememof thisother information; we are required to a-port that
fact. We have nothing to report in this regard.

5. Management’s Responsibility for the Standalone Financial Statements

A. The Company’s Board of Directors is responsible for the matters stilted in section 134(5} of
the Act with respect to the preparation of these Standalone Financial Siaiemenls that give a
true and fair view of the financial position, financial performance, total comprehensive income,
changes in equity and cash flows of the Company in accordance with the Indt’s and other
accounting principles generally accepted in India. 'IVris responsibility also includes maintenance
of adequate accounting records in accordance with ihe provisions of the Act for safeguarding the
assets of the Company and for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments anti estimates that are
reasonable and prudent; and design, iinpSei>icilUiiori and maintenance of adequate internal financial
controls, that were operating effectively for ensuring the accuracy and completeness of rhe
accounting records, relevant to die preparation and presentation of the standalone financial
statements that give a true and fair view and are free from material misstatement, whether due t<>
fraud or error.

B. In preparing the Standalone 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 dose.

The Board of Directors is responsible for overseeing the Company’s financial reporting
process.

6. Auditor’s Responsibilities for the Audit of the Standalone Financial Statements

A, 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 liigh level ol
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 Standalone Financial
Statements.

B. As part of an audit in accordance with SAs, we exercise professional judgment . nd maintain
professional skepticism throughout the audit. We also:

i) Identify and assess the risks of material misstatement of the standalone financial statements,
whether due tofraud orerror, design and perform audit procedures responsive in those risks, and
obtain audit evidence that issufficient andappropriate to provide a basis fur our opinion. The risk iu
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.

ii) Obtain an understanding of internal financial controls relevant to the audit iriottler todcsign
auditprocedures that arc appropriate in the circumstances, Under section 143(3)® oi the Act, wr

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ace also responsible tor expressing our opinion on whether the Company has adequate internal
financial controls system Li place and the operating effectiveness ot such controls.

iii) Cvaluate the appropriateness of accounting policies used and the reasonableness ol accr uinting
estimates and related disclosures made by management.

iv) Conclude on the appropriateness of management’s use of the going concern basis of accounting
and, based on theaudit evidenceobtained, whether a material uncertainty exists related to events or
conditions that maycast significant doubt on the Company’s ability to continue as n going concern. 1 f
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 Statements or, it such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence i ibumetl up i
the date of our auditor’s report. However, future events or conditions may cause the Company to
cease to continue ns a going concern.

v) Evaluate the overall presentation, structure and content of die Standalone Financial Statements,
including the disclosures, and whether the Standalone Financial Statements represent the underlying
transactions and events in a manner that achieves fair presentation.

C. Materiality is the magnitude of misstatements in the Standalone Financial Statements that,
individually orin aggregate, makes it probable that the economic decisions of a reasonably
knowledgeable user of the Standalone Financial Statements may be influenced. We consider
quantitative inatcrialityar.d qualitativefactors in (i) planning thescopc olour audit work and in
evaluating the results of our work; and (li) to evaluate the effect of any identified misstatements in
the Standalone Financial Statements.

D. 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.

E. Wc 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
relatiousSups and other matters that may reasonably be thought to bear on our independence, and
where applicable, related safeguards.

F. From tlie matters communicated with those charged with governance, wc determine those matters
that were of most significance in the audit of the Standalone Financial Statements of the eum-iu
period and are therefore the key audit matters. We describe these matiers :n our auditor' repun
unless law or regulation precludes public disclosure about the matter or when, in cximneh rare
circumstances, wc 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.

II. Report on Other Legal and Regulatory Requirements

1. As required by Section 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 lust 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.

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C. The financial statement dealt with by dais Report are in agreement with the relevant books of
account

D. In our opinion, the aforesaid standalone financial statements complywith rhelndi’s specified
under Section 133 of die Act, read widi Rule? of the Companies (Accounts) Rules,2014

E. On the basis of the written representations received from the directors as on Match 31, 202-1
taken On record by the Board of Directors, none of die directors is disqualified as on March 31,
2024 from being appointed as a director in terms of Section 164 (2) of the Act.

F. With respect to the adequacy of die internal tinancr.il controls over financial reporting .if the
Company and the operating effectiveness ol such controls, relcr to our separate Report m
“Annexure A”. Our report expresses an unmodified opinion on the adequacy anil operating
effectiveness of die Company’s internal finanrialcontrols over financial reporting.

G. With respect to the other matters to be included in the Auditor’s Report in accordance with
die requirements of section 197(16) of the Act, as amended:

In our opinion and to the best of our information and according to the explanations given 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 Auditor’s Report in accordance with Rule i I
of die Companies (Audit and Auditors) Rides, 2014, as amended in our ©pinion and to the best
of our information and according to the explanations given to us:

i) fhe Company does not have any pending litigations which would impact its financial
position.

ii) Hie Company did not have any long-term contracts including derivative contracts tor which
there were any material foreseeable losses.

iii) There were no amounts which were required to be transferred to the Investorfiducation
andProtection Fund by the Company.

iv)

a. The Management has represented that, to the best of its knowledge and belief,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 oilier sources or kind of
funds) by the Company to or in any other person or entity, including foreign entity
(“Lntcrmcdiancs”), With the understanding whether recorded in writing or otherwise, that
tiie 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
benefid.turies’’) or provide any guarantee, security or the like on behalf ol the ultimate
Beneficiaries:

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' b, L’he Management has represented, dint, to die best of its knowledge and belief, no funds
(which are material either individually or in aggregate) have been received bv company

• from any person or entity, including foreign entity (“Funding parties”), with the
understanding, whether recorded in writing or otherwise, that die company shall. \\ heftier
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 BcriVltciariefi”) nr provide anv

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guarantee, Security or die like on behalf of Ultimate Beneficiaries;

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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 u> believe that
the representations under sub clause (i) and (ii) of Rule I 1(e), ns provided under fa)
and (b) above, contain any material mis-statement,

y) During the year, company has not declared or paid dividend during the year which is in
compliance with section 123 of the Companies Act, 2013,

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yi) Based on our examination, which includes test checks, the company has used accounting
software for maintaining its books of accounts For the financial year ended on March 31.202-1
which does not have a feature of recording audit trails (edit log) facility and the same lias
been operated throughout the year for all relevant transaction recorded in the software.

As proviso to Rule 3(1) of die Companies (Accounts) Rules, 2014 is applicable from Anril 1.2023.
reporting under Rule 11(g) of the Companies (Audit & Auditors) Rules 2014 on preservation of
audit trails as per the statutory requirement for record retention is not applicable for the financial
year ended March 31,2024,

2. As required by the Companies (Auditor’s Report) Order, 2020("the Order”; issued In tire Cemr.t

Government in terms of Section 143(11) ot the Act, we give in “Annexure IJ" a statement on tin
matters specified in paragraphs 3 and 4 of the Order to the extent applicable,

FOR Sudhlr Agarwal & Associates
(Formerly known as S R D P & CO.)

CHARTERED ACCOUNTANTS
FRN 509930C

Cl I) IffS bs

Sudhir Kumar Agarwa! -

PARTNER

M.No 088583

Place: New Delhi
Date ;: 30.0S.2024
udin: