Basis for Opinion

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
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(“ICAI”) 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 ICAI's Code of Ethics. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for
our opinion on the 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 financial
statements of the current period. These matters were addressed
in the context of our audit of the financial statements as a whole,
and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.

Other Information

The Company's Management and Board of Directors are responsible for the other information. The other information comprises the
information included in the Company’s Annual Report, but does not include the financial statements and 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.

Management's and Board of Directors' Responsibilities
for the Financial Statements

The Company's Management and Board of Directors are
responsible for the matters stated in section 134(5) of the
Companies Act, 2013 (“the Act”) with respect to the preparation
of these 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 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
implementation and maintenance of 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 statement that give a true and fair view and are
free from material misstatement, whether due to fraud or error.

In preparing the 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.

The Board of Directors are also responsible for overseeing the
Company's financial reporting process.

Auditor's Responsibilities for the Audit of the financial
statements

Our objectives are to obtain reasonable assurance about whether
the 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 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 professional skepticism
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
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 the
override 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 the Act, we are also responsible for expressing our opinion
on whether the Company has an 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 and 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 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 transac¬
tions 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 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 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's Report) Order, 2020
(“the Order”) issued by the Central Government of India in
terms of Section 143(11) of the Act, we give in the “Annexure
A” a statement on the matters specified in paragraphs 3 and 4
of the Order, to the extent applicable.

2A. As required by Section 143(3) of the Act, based on our audit
report 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 purpose 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 except for the matters stated in the
paragraph 2(B)(f) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014.

c) The balance sheet, the statement of profit and loss (including
other comprehensive income), the statement of cash flow and
statement of changes in equity dealt with by this Report are in
agreement with the books of account.

d) In our opinion, the aforesaid financial statements comply
with the Indian Accounting Standards specified under
Section 133 of the Act, read with relevant rules issued
thereunder.

e) On the basis of written representations received from the
directors as on March 31,2025 taken on record by the Board of
Directors, none of the directors is disqualified as on March 31,
2025, from being appointed as a director in terms of Section
164(2) of the Act.

f) The modifications relating to the Maintenance of accounts and
other matters connected there with are as stated in the
paragraph 2(A) (b) above on reporting under section 143(3)(b)
and paragraph 2B(f) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules ,2014.

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”. Our report expresses an unmodified opinion on the
adequacy and operating effectiveness of the company's internal
financial controls with reference to financial statements.; and

B. 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, in our opinion and to the best of
our information and according to the explanations given to us:

a) The Company has disclosed the impact of pending litigations
as at March 31,2025 on its financial position in its financial
statements. Refer Note 37 to the financial statements.

b) The Company did not have any long-term contracts including
derivative contracts for which there were any material
foreseeable losses under the applicable law or accounting
standards.

c) There has been no delay in transferring amounts, required
to be transferred, to the Investor Education and Protection
Fund by the Company during ; and

d) (i) The Management has represented that, to the best of its
knowledge and belief, as disclosed in Note no. 55 to the
financial statements, 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 person or entity, 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;

(ii)The Management has represented, that, to the best of its
knowledge and belief, as disclosed in Note no. 55 to the financial
statements, 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 Party (“Ultimate
Beneficiaries”) or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries;

(ii) 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 repre
sentations under sub-clause (i) and (ii) of Rule 11(e), as provided
under (i) and (ii) above, contain any material misstatement.

(e) The dividend declared or paid during the year by the company
is in accordance with Section 123 of the companies Act 2013.

(f) Based on our exami nation, which included test checks, the
Company has used accounting software's for maintaining its
books of account for the financial year ended March 31,2025
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 audit
trail feature being tampered with and the audit trail has been
preserved by the Company as per the statutory requirements for
record retention.

C. With respect to the matter to be included in the Auditor's
Report under Section 197(16) of the Act:

In our opinion and according to the information and explanations
given to us, the remuneration paid/ payable 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/
payable 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 prescribed other details under Section 197(16) of the Act
which are required to be commented upon by us.

For Maheshwari & Co.

Chartered Accountants

Firm's Registration No.105834W

Sd/-

Vikas Asawa

Partner

Place: Mumbai Membership No. 172133

Date: May 23, 2025 UDIN: 25172133BMHZYS6993