We have audited the standalone financial statements of AMIABLE LOGISTICS (INDIA) LTD
(“the Company”), which comprise the balance sheet as at 31st March, 2024, and the statement of
Profit and Loss, statement of cash flows for the year then ended, and notes to the standalone
financial statements, including a summary of significant accounting policies and other explana¬
tory information.

ln our opinion and to the best of our information and according to the explanations given to us,
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 accounting principles
generally accepted in India, of the state of affairs of the Company as at March 31 ,2024, and
profit and its cash flows for the year ended on that date.

Basis for opinion

We conducted our audit of the financial statements in accordance with the Standards on
Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those
Standards are further described in the Auditor's Responsibilities for the Audit of the Finan¬
cial 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 Act and the Rules there under, 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 audit opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most signifi¬
cance in our audit of the financial statements of the current period. These matters were ad¬
dressed 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. We have
not determined any key audit matters to be communicated in our report.

Information other than the financial statements and Auditor's Report thereon

The Company's Board of Directors is responsible for the preparation of the other infor¬
mation. The other information comprises the information included in the Management
Discussion and Analysis, Board's Report including Annexures to the Board report, Corporate
Governance report and Shareholder's information, but does not include the financial state¬
ment 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 the 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 with respect to the preparation of the 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 read with rule 7 of Companies (Accounts)
Rules, 2014. 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 appropri¬
ate 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 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 financial statements, the management is responsible for assessing the Compa-

ny'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 responsible for overseeing the Company's financial reporting process.

Auditor's Responsibility for the audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements 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 guaran¬
tee 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 main¬
tain professional skepticism throughout the audit. We are 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, misrep¬
resentations, or the override of internal control.

• Obtain an understanding of internal 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 adequate in¬
ternal financial controls system in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of account¬
ing 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 account¬
ing 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, includ¬
ing 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 rela¬
tionships 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 re¬
port unless law or regulation precludes public disclosure about the matter or when, in extreme¬
ly 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. Pursuant to the Companies (Auditor's Report) 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" a statement on the matters specified in paragraphs 3 and 4 of the Order, to
the extent applicable.

2. As required by Section 143(3) of the Act, 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) 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 and the statement of cash flows dealt
with by this Report agree with the books of account.

d) In our opinion, the aforesaid financial statements comply with the accounting standards
specified under section 133 of the Act.

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
31^st 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 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 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:

i. The Company does not have pending litigations as at 31^st March, 2024 that have a
material impact on its financial position in its financial statements;

ii. The Company has made provisions, as required under the applicable law or account¬
ing standards for material foreseeable losses, if any, on long-term contracts including
derivatives contracts;

iii. There were no amounts which were required to be transferred to the Investor Edu¬
cation and Protection 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 ad¬
vanced 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 rec¬
orded in writing or otherwise, that the Intermediary shall, whether, directly or indi¬
rectly lend or invest in other persons or entities identified in any manner whatsoev¬
er by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guaran¬
tee, 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 (which are material either individually or in the aggregate) have been received
by the Company from any person or entity, including foreign entity (“Funding Par¬
ties”), with the understanding, whether recorded in writing or otherwise, that the
Company shall, whether, directly or indirectly, lend or invest in other persons or en¬
tities identified in any manner whatsoever by or on behalf of the Funding Party (“Ul¬
timate 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 appro¬
priate in the circumstances, nothing has come to our notice that has caused us to be¬
lieve that the representation under sub clause (i) and (ii) of Rule 11(e), as provided
under (a) and (b) above, contains any material misstatement.

v. During the year the company has not declared any dividend.

vi. Based on our examination, which included test checks, the Company

has used an accounting software(s) for maintaining its books of account for

the financial year ended March 31, 2024 which do not have a feature of re¬
cording audit trail (edit log) facility.

3. 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 remuner¬
ation paid by the Company to its directors during the current year is in accordance with the
provisions of Section 197 of the Act.

For A H J & Associates
Chartered Accountants
Firm Registration No: 151685W
Date- 23-05-2024
Place-Mumbai

Sd/-

Hiren Sanghavi
Partner
M.No. 045472

UDIN-24045472BKCSDT2471