Auditor Report of Ardi Investment & Trading Company Ltd.

Mar 31, 2024

We have audited the Ind AS financial statements of Ardi Investment and Trading Co Ltd (“the
Company”), which comprise the balance sheet as at 31st March 2024, and the statement of Profit
and Loss (Including Other Comprehensive Income), statement of cash flows and statement of
changes in equity for the year ended 31st March 2024, and notes to the financial statements,
including a summary of material accounting policies and other explanatory information (herein
referred to as “financial statements”).

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 Companies Act, 2013 in
the manner so required and give a true and fair view in conformity 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 31st March 2024, and Profit
(Financial performance including other comprehensive income), its cash flows and changes in
equity for the year ended 31st March 2024.

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 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.

Information Other than the Financial Statements and Auditor''s Report Thereon

The Company''s Board of Directors is responsible for the other information. The other
information comprises the information included 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 financial statements
that give a true and fair view of the financial position, financial performance including other

comprehensive income, cash flows and changes in equity of the Company in accordance with the
Ind AS and accounting principles generally accepted in India, including the Ind 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 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

1. 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 the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.

2. 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 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 financial statements that, individually or
in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user
of the financial statements may be influenced. We consider quantitative materiality and
qualitative factors in (i) 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 financial statements.

3. 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.

4. 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.

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 sub-section (11) of section 143 of the Companies Act,
2013, 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 (including other comprehensive income),
the Statement of Cash Flows 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 financial statements comply with the Ind 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 31st 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 adequacy of the internal financial control over financial reporting of the
company and the operating effectiveness of such controls refer our separate report in Annexure
“B” and

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

(i) The Company have disclosed the impact pending litigations on its financial position in its
financial statements.

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

(iii) There were no amounts which were 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 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 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;

(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 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;

(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 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 misstatement

(v) Based on our examination, which include test checks, the company has used accounting
software for maintaining its books of accounts for the Financial year ended March 31, 2024
which have the feature of recording audit trail (edit log) facility and the same has operated
throughout the year for all relevant transaction recorded in softwares.

Further during our audit we did not come across any instances 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.

(vi) 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
prescribed other details under Section 197(16) of the Act which are required to be commented
upon by us.

3. Since The Company has not declared / paid any dividend during the year, Section 123 of the
Act is not applicable.

For, S K Bhavsar & Co.

Chartered Accountants
Firm Registration No. 145880W

Sd/-

Shivam Bhavsar

Proprietor

Membership No. 180566
UDIN: 24180566BKEZJQ6151
Place: Ahmedabad
Date: May 30, 2024

---

Mar 31, 2012

We have audited the attached Balance Sheet of ''ARDI INVESTMENT AND TRADING CO. LTD.'' as at 31st March, 2012 and also the Profit & Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

1. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

2. As required by the Companies (Auditor''s Report) Order, 2003, as amended by the Companies (Auditor''s Report) (Amendment) Order 2004 (the ''Order) issued by the Central Government of India in terms of Section 227 (4A) of ''The Companies Act, 1956'' of India (the ''Act'') and on the basis of such checks of the books and records of the company as we considered appropriate and according to the information and explanations given to us, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

3. We report that:

a) We have 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 accounts as required by law have been kept by the Company, so far as appears from our examination of those books;

c) The Balance Sheet, Profit and Loss Account & Cash flow Statement dealt with by this report are in agreement with the books of accounts;

d) In our opinion, the Balance Sheet and the Profit & Loss Account dealt withh by this report comply with the accounting standards referred to in sub-section 3(C) of Section 211 of the Companies Act, 1956.

e) On the basis of the written representations received from the directors, as on 31st March 2012 and taken on record by the Board of Directors, we report that none of the directors os disqualified as on 31st March 2012 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the notes thereon, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

i. In the case of the Balance Sheet, of the state of affairs of the Company as a, 31-st March, 2012; and

i. In the case of the Profit and Loss Account, of the profit for the year ended on that date.

iii. In the case of the Cash Flow Statement, of the Cash How for the year ended on that date.

Annexure referred to in paragraph 3 of our report of even date to the members of ''ARDI INVESTMENT AND TRADING CO. LTD/ on the financial statements for the year ended on 31st March, 2012.

(i) The company does not own any Fixed Assets.

(ii) There was no Inventory in the company during the year.

(iii) The Company has not granted nor taken any loan secured or unsecured to companies, firms or other parties covered in register maintained under section 301, of the act.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and he nature of its business, During the course of our audit, no major weaknesses have been noticed in the internal controls.

(v) (a) According to the information and explanations given to us, we are nf the opinion that no transactions have been entered into by the company that requires entry into register maintained under section 301 if the Companies act, 1956.

(b) In our opinion and according to the information and explanations given to us, no '' transactions exceeding the value of rupees five lacs in respect of any party been made in pursuance of contracts or arrangements entered in the register maintained u/s 301 of the Companies act, 1956.

(vi) The company has not accepted deposits from the public, within the meaning of sections 58A and 58AA of the Act and the rules framed there under.

(vii) In our opinion, The company has does not have internal audit system, commensurate with the size and nature of its business.

(viii) The Central Government has not prescribed maintenance of cost records U/S 209(l)(d) of the Companies Act, 1956.

(ix). A. According to the information and explanations given to us and the records of the company examined by us, in our opinion, the company is generally regular in depositing undisputed statutory dues with the appropriate authorities.

B. According to the information and explanations given to us, no undisputed arrears of statutory dues were outstanding as at 31st March 2012 for a period of more than six months from the date when they became payable.

C. According to the information given to us, there are no dues of sale tax, income tax, custom duty, wealth tax, excise duty and cess which have not been deposited on account of any dispute.

(x) The company has made net profit during the year. The Company has not incurred cash losses during the financial covered by our audit.

(xi) In our opinions and information and explanations given to us, the company has not defaulted in repayment of dues to any financial institutions or bank or debenture holders as on the date of balance sheet.

(xii) In our opinions and information and explanations given t o us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion, the company is neither a Chit Fund nor a Nidhi/Mutual Benefit Fund/society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditor''s Report Order, 2003 are not applicable to the company.

(xiv) The company has not green any guarantee for loans taken by others from bank or financial institutions.

(xv) The company has neither received or applied any term loan during the financial year.

(xvi) In our opinion, the term ,loans have been aphid for the purpose for reduce they were raised.

(xvii) The company has not made preferential abutments of shares to parties covered in the Register maintained under Section 301 of the Act

(xviii) The company has not issued any debentures during the year.

(xix) The company has not raised any fund during Financial year by way of public issue.

(xx) In our opinion and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of audit.

For Ramanand & Associates

Chartered Accountants

Ramanand G. Gupta

Partner

Membership No.: 103975

Place: Mumbai

Date : 01st September 2012

---

Mar 31, 2011

We have audited the attached Balance Sheet of *ARDI INVESTMENT AND TRADING CO. LTD.'' as at 31st March, 2011 and also the Profit & Loss Account for the year ended''on that date annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

1. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

2. As required by the Companies (Auditor''s Report) Order, 2003, as amended by the Companies (Auditor''s Report] (Amendment] Order 2004 (the ''Order] issued by the Central Government of India in terms of Section 227 [4A] of ''The Companies Act, 1956'' of India (the ''Act''] and on the basis of such checks of the books and records of the company as we considered appropriate and according to the information and explanations given to us, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

3. We report that:

a] We have 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 accounts as required by law have been kept by the Company, so far as appears from our examination of those books;

c] The Balance Sheet, Profit and Loss & Cash Flow Statement Account dealt with by this report are in agreement with the books of accounts;

d] In our opinion, the Balance Sheet and the Profit & Loss Account dealt with by this report comply with the accounting standards referred to in sub-section 3(C) of Section 211 of the Companies Act, 1956.

e] On the basis of the written representations received from the directors, as on 31st March 2011 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2011 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

f] In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the notes thereon, give the information required by the Companies Act, 1956, in the manner so, required and give a true and fair view in conformity with the accounting principles generally accepted in India :

i. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2011; and

ii. In the case of the Profit & Loss Account, of the profit for the year ended on that date.

iii. In the case of the Cash Flow Statement of the Cash Flows for the year ended on that date.

Annexure referred to in paragraph 3 of our report of even date to the members of ''ARDI INVESTMENT AND TRADING CO. LTD.'' on the financial statements for the year ended on 31st March, 2011.

(i) The company does not own any Fixed Assets.

(ii] There was no Inventory in the company during the year.

(in) The Company has not granted nor taken any loan secured or unsecured to companies, firms or other parties covered in register maintained under section 301, of the act.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business, for purchase of inventory and fixed assets and for the sale of goods. During the course of our audit, no major weaknesses have been noticed in the internal controls.

(v) (a) According to the information and explanations given to us, we are of the opinion that no transactions have been entered into by the company that requires entry into register maintained under section 301 if the Companies act, 1956.

(b) In our opinion and according to the information and explanations given to us, no transactions exceeding the value of rupees five lacs in respect of any party have been made in pursuance of contracts or arrangements entered in the register maintained u/s 301 of the Companies act, 1956.

(vi) The company has not accepted deposits from the public, within the meaning of sections 58A and 58AA of the Act and the rules framed there under.

(vii) In our opinion, The company does not have an internal audit system, commensurate with the size and nature of its business.

(viii] The Central Government has not prescribed maintenance of cost records U/S 209(l](d)of the Companies Act, 1956.

(ix)'' A. According to the information and explanations given to us and the records of the company examined by us, in our opinion, the company is generally regular in depositing undisputed statutory dues with the appropriate authorities.

B. According to the information and explanations given to us, no undisputed arrears of statutory dues were outstanding as at 31st March 2011 for a period of more than six months from the date when they became payable.

C. According to the information given to us, there are no dues of sale tax, income tax, custom duty, wealth tax, excise duty and cess which have not been deposited on account of any dispute.

(x) The accumulated losses of company is more than 50% of the networth. The Company has incurred cash losses during the financial covered by our audit and immediately preceding year.

(xi) In our opinions and information and explanations given to us, the company has not defaulted in repayment of dues to any financial institutions or bank or debenture holders as on the date of balance sheet.

(xii) In our opinions and information and explanations given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion, the company is neither a Chit Fund nor a Nidhi/ Mutual Benefit Fund/ society. Therefore, the provisions of clause 4 [xiii] of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

(xiv) The company has not given any guarantee for loans taken by others from bank or financial institutions.

(xv) The company has neither received or applied any term loan during the financial year.

(xvi) In our opinion, the term loans have been applied for the purpose for which they were raised.

(xvii) The company has not made preferential allotment of shares to parties covered in the Register maintained under Section 301 of the Act.

(xvii) The company has not issued any debentures during the year.

(xix) The company has not raised any fund during Financial year by way of public issue.

(xx) In our opinion and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of audit.

For Ramanand & Associates

Chartered Accountant

Ramanand G. Gupta

Partner

Membership No.: 103975

Place: Mumbai

Date :01st September, 2011