Auditor Report of Captain Technocast Ltd.

Mar 31, 2025

£^{,he Standalone} financial statements of Captain Tochnocast Limited,
Rajkot (CIN L27300GJ2010PLC051678). hereinafter referred to as the Company") which
comprise the Standalone balance sheet as at 31 March. 2025 and the standalone statement
of profit and loss, the standalone cash flow statement for the year the ended, including a
summary of significant accounting policies and other explanatory information.

2 In our opinion and to the best of our information and according to the explanations given to us,
a’^{1 2 3 4 5}. ^s,andalono financial statements give the information required by the Companies

Act. 2013 (hereinafter referred to as 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 af^fa.rs of the Company as at 31 March. 2025. and its Profit and its cash flows for the year
ended on that date.

Basis for Opinion:

T accordance with the Standards on Auditing (SAs) specified under
°‘ ^{hS AC} °^{Ur fes}P°^{nsibllit!es und}er those Standards arc further described in
he Auoitors Responsibilities for the Audit of the Financial Statements section of our report
V^e 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 Act. and tho Rules
there under, 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.

Key Audit Matter:

Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the standalone financial statements for the financial year ended 31
March 2025. Tneso matters were addressed in the context of our audit of the standalone
f.nancial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters. For each matter below, our description of how our audit
addressed the matter is provided in that context.

Loans and Advances for rotated party (as described in Note 13 of the standalone financial statements)
Key audit matters	How our audit addressod the key audit matter
The company has provided loans and advances to related parties amounting to ? 1278.00 lakhs as of March 31, 2025. The transactions with related parlies are Significant due to their volume and the risk associated with their recoverability This involves significant judgment in assessing the creditworthiness of related parties, the terms and conditions of the loans and advances and their classification and disclosure in the financial statements in accordance with the relevant accounting standards.	Our audit procedures included the following: • We evaluated the Company''s accounting policies pertaining to Loans and advances and assessed compliance with the policies in terms of AS-18: Related Party Transaction. • We identified and tested controls related to this transaction and our audit procedure focused on approval and recording of related party transaction. • We tested on a sample basis, and inspected the agreements and relevant documents • We evaluated the financial position of related parties to assess their ability to replay to loans and also their past history of repayment. • We Confirmed the balances of loans and advances directly with the related parties Reviewed subsequent settlements and payments received after the year-end to assess the recoverability.

Information other than the financial statements and auditor’s report thereon:

1. The company''s board of directors is responsible for the preparation of other information. The
other information comprises the Board''s Report including Annexure to Board’s Report but
does not include the financial statements and our auditor''s report thereon.

2. Our opinion on the financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.

3. In connection with our audit of the financial statements, our responsibility is to read the other
information and, in dong 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, v/o
conclude that there is a material misstatemont of this other information; we are required to
report the fact. Wo have nothing to report in this regard.

Responsibility of Management and thoso charged with Governance for the Standalone

Financial Statements: ⁶

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.

2. 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 l.quidate the Company or to cease operations, or has no realistic alternative but to
do so.

3. Those 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 misstatements, 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 a part of an audit in accordance with SAs, wo exercise professional judgment and maintain
professional skepticism throughout the audit. Wo 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
Act 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 polxies used and the reasonableness of
accounting estimates and related disclosures made by management. ⁷

• 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.

3 We communicate with those charged with governance regarding, among other matters, the
plannod 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 v/ith relevant ethical requirements
regarding independence, and to communicate with the 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 ‘Order⁷), issued by the
Central Government of India in terms of sub-section (11) of sect on 143 of the Companies Act.
2013, we give in the Annexure B 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, further to comments in the Annexure, 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 except for the
matters stated in sub-paragraph (j)(h) below on reporting under clause (g) of Rule 11;

(c) The Company has no branch, therefore, this reporting under this clause is not
applicable;

(d) The Company''s balance sheet and profit and loss account dealt with by this Report are
in agreement with the books of account;

(e) In our opinion, the standalone financial statements comply with the Accounting
Standards specified under Section 133 of the Act. read with Rule 7 of the Companies
(Accounts) Rules, 2014;

(0 In our opinion, there are no observations or comments on financial transactions or
matters which have any adverse effect on the functioning of the Company;

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

(h) The qualifications relating to the maintenance of accounts and other matters
connected therewith are as stated in sub-paragraph (B) above on reporting under
clause (b) of sub-section (3) of section 143 and sub-paragraph (J)(h) below on
reporting under clause (g) of Rule 11;

(i) 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 A "; (! \\

(j) 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:

(a) The Company does not have any pending litigations which would impact its
financial position in its financial statements;

(b) The Company has made provision, as required under the applicable law or
accounting standards, for material foreseeable losses, if any. on long-term
contracts including derivative contracts;

(c) There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company;

(d) The management has represented that, to the best of its knowledge and belief,
as disclosed in Note No. 43 of the financial statements attached herewith, no
funds have been advanced cr loaned or invested (either from borrowed funds
or sharo premium or any other sources or kind of funds) by the Company to or
in any other person/s or entity/ies including any foreign entity/ies
(''Intermediaries’), with the understanding, whether recorded in writing or
otherwise, that the Intermediaries shall, 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 provido any guarantee, security or
the like on the behalf of the Ultimate Beneficiaries;

(e) The management has represented that, to the best of its knowledge and belief,
as disclosed in the Note No. 44 of the financial statements attached herewith,
no funds have been received by the Company from any person/s or entity/ies
including foreign entity/ies(''Funding Party/ies"), with the understanding,
whether recorded in writing or otherwise, that the Company shall, d rectly or
indirectly lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Funding Party/ies ("Ultimate Beneficiaries’)
or provide any guarantee, security or the like on the behalf of the Ultimate
Beneficiaries;

(f) Based on the audit procedures performed that have been considered
reasonable and appropriate in the circumstances nothing has come to our
notice that has caused us to believe that representations under sub-clauses (i)
and (ii) of clause (e) of Rule 11 contain any material mis-statement;

(g) During the financial year under audit, no dividend has been declared, however
dividend has been paid by the Company which was declared in previous
financial year;

(h) Based on our examination, the company has used an accounting software for
maintaining its books of account, which has a feature cf recording audit trail
(edit log) facility and the same has operated throughout the year for all relevant
transactions recorded in the software. Further, during the course of our audit,
we did not come across any instance of audit trail feature being tampered with.

The feature of audit trail (edit log) facitrty:-y/as not enabled at the database level
of accounting software used;''fop ftfarntatp the books of account For the

Financial Year 2024-25. •• V w\

fW f.V''''! , u

Further, as the proviso to sub-rule (1) of Rule 3 of the Companies (Accounts)
Rules. 2014 became applicable from April 1, 2023. the reporting requirement
under sub-rule (g) of Rule 11 of the Companies (Audit and Auditors) Rules,
2014, regarding the preservation of audit trails as a statutory requirement for
record retention, is now in effect Accordingly, the Company has preserved the
audit trail records for the period during which they have been maintained.

/

For J C Ranpura & Co.

Chartered Accounfants /

Firm''s Registra^tf^mJjfer 108647W

Ketan Y. Shorn ((^_>(: :u ¦ ''-

Partner / J®

Membership number: 118411
UDIN:

Place: Rajkot
Date: 08 May. 2025

1

We have determined the matters described below to be the key audit matters to be
communicated in our report. We have fulfilled the responsibilities desenbed in the Auditor’s
responsibilities for the audit of the standalone financial statements section of our report
including in relation to these matters. Accordingly, our audit included the performance of
procedures designed to respond to our assessment of tho risks of matenal misstatement of

2

the standalone financial statements. The results of cur audit procedures including the

3

procedures performed to address the matters below, provide the basis for our audit opinion on

4

the accompanying (standalone) financial statements!

5

tim • f V> * \\

6

The Company''s Board of Directors is responsible for the matters stated in section 134(5) of
the Act with respect to the preparation of these standalone 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 v/ith the prov.sions of
the Act for safeguarding of the assets of the Company and for preventing and detecting frauds
and other irregularities; selection and appellation ¦ of appropriate accounting policies; making
judgments and estimates that are reasorfab£e and prudent; and design, implementation and

maintenance of adequate internal financial controls, that were operating effectively for

—¹ ¦¦ — ~----- ¦¦ — ----------- ------ -

Ai - ^ ^ c! kM i rv# n «• o n .. n.. . . v. . / /AVI # ^ a a ... a ⁷ « a ^

7

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 tho 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.

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Mar 31, 2024

Report on the Audit of the Standalone Financial Statements

Opinion:

1. We have audited the Standalone financial statements of M/s. Captain Technocast Limited, Rajkot (CIN: L27300GJ2010PLC061678), (hereinafter referred to as the “Company") which comprise the Standalone balance sheet as at March 31, 2024 and the standalone statement of profit and loss, the standalone cash flow statement for the year the ended, including a summary of significant accounting policies and other explanatory information.

2. In 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 Companies Act, 2013 (hereinafter referred to as 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 its Profit and its cash flows for the year ended on that date.

Basis for Opinion:

1. We conducted our audit 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 Auditors Responsibilities for the Audit of the Financial Statements section of our reoort. 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 Act, and the Rules there under, 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.

Key Audit Matter:

Loans and Advances for related party (as described in Nnte .?.? nf the* ^andahne
financial statements)
Key audit matters	How our audit addressed the key audit matter
The company has provided loans and advances to related parties amounting to ? 980.50 lakhs as of March 31, 2024. The transactions with related parties are significant due to their volume and the risk associated with their recoverability. This involves significant judgment in assessing the creditworthiness of related parties, the terms and conditions of the loans and advances, and their classification	Our audit procedures included the following: • We evaluated the Company''s accounting policies pertaining to Loans and advances and assessed compliance with the policies in terms of AS-18: Related Party Transaction. • We identified and tested controls related to this transaction and our audit procedure focused on approval and recording of related party transaction. • We tested on a sample basis, and inspecfej''f; the agreements and relevant documents. fr&''‘ • We evaluated the financial position of rotated

classification and disclosure in the financial statements in accordance with the relevant accounting standards.	parties to assess their ability to replay to loans and also their past history of repayment. • We Confirmed the balances of loans and advances directly with the related parties. Reviewed subsequent settlements and payments received after the year-end to assess the recoverability.
Hiqher Job Work as a part of manufacturinq expense (as described in Note 27 of th		e
standalone financial statements)
Key audit matters	How our audit addressed the key audit matter
During the audit, it was observed that the company''s job work expenses for the year ended March 31, 2024 have increased nearly three times compared to the previous year. This significant increase necessitates a detailed examination to ensure that the expenses are valid, accurately recorded, and appropriately disclosed in the financial statements.	Our audit procedures included the following: • We evaluated the Company''s accounting policies pertaining to outsourcing of work and assessed compliance with those policies. • We identified and tested controls related to this transaction and our audit procedure focused on approval and recording of job work transaction • We tested on a sample basis and performed detailed analytical procedures to understand the reasons behind the significant increase in job work expenses. Compared the current year’s job work expenses to the previous year''s figures and budgeted amounts to identify any unusual trends or anomalies. • We have verified a sample of job work expense transactions to supporting documents such as job work invoices, and delivery challans. Confirmed the accuracy of amounts, the legitimacy of the job work performed, and the appropriateness of the expenses recorded and also conducted direct confirmations with job work vendors to verify the existence and accuracy of the recorded expenses.

Information other than the financial statements and auditor’s report thereon:

1. The company’s board of directors is responsible for the preparation of other information. The other information comprises the Board’s Report including Annexure to Board’s Report but does not include the financial statements and our auditor''s report thereon.

2. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

3. 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 pej^p^j^e conclude that there is a material misstatement of this other information; we are

report the fact. We have nothing to report in this regard. I!''if chartere i \cA\

Responsibility of Management and those charged with Governance for the Standalone

Financial Statements:

1. The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone 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 accounting policies; ma

2. 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.

3. Those 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 misstatements, 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 a 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 provice a basis for our opinion. The risk of not detecting a material misstatement resulting Fom fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal contro

• 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 Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system in place and the operating eff^rttjvSh^SsPf 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 bas s 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.

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. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with the 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 B 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, further to comments in the Annexure, 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 except for the matters stated in sub-paragraph (J)(h) below on reporting under clause (g) of Rule 11;

(c) The Company has no branch, therefore, this reporting under this clause is not applicable;

(d) The Company''s balance sheet and profit and loss account dealt with by this Report are in agreement with the books of account;

(e) In our opinion, the standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;

^<9> mate_rs⁰whir⁰hⁿhi!l!^r! ^areHⁿ° ^obst^{rva,ions or} comments on financial transactions or matters which have any adverse effect on the functioning of the Company;

^(h) u^aS''^S °^{f the Wfitten re}P^resentati°ns received from the directors as on March 31

o~ TooS * ^by H^{e B}°^ard °'' ^Direcl0rs'' ^{n0ne of ,he} *«*» ® disqualified^as the Act " ³¹'' ^{2024 f be,n9 appo,nted as a dir}ector in terms of Section 164 (2) of

(i) The qualifications relating to the maintenance of accounts and other matters

dause fb) ofs! ^ar^{re aS},,f^a''f^{d in sub}-P^ara9^raP^b (b) °! s^-section (3) of section 143 and sub-paragraph (J)(h) below on

reporting under clause (g) of Rule 11; '' ^{A ;}

^ ^''theTomnVn^{0 of the interr}>al financial controls over financial reporting

Report^rAnnexure A "^e °^Pera"^{ng effec,ivene}ss of such controls, refer to our separate

wlthR^U Sth^{her mattel}?''^{b 116 included in ,he Auditor}''s Report in accordance the hi °^f.^{tbe Co}.^mpanies <^{Audlt and} Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

(a) The Company does not have any pending litigations which would impact its financial position in its financial statements;

(b) The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on lonq-term contracts including derivative contracts;

(c) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company;

(d) The management has represented that, to the best of its knowledge and belief

h°^Sedh^{in N}°? ^N°'' ⁴¹ °^{f the financial} statements attached herewith, no 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/ies including any foreiqn entitv/ies ( ntermediaries), with the understanding, whether recorded in writing or otherwise, that the Intermediaries shall, directly or indirectly lend or invest in other person⁸ or entities identified in any manner whatsoever by or on behalf of

!?® ,f°^mPatH^y fUR''mate Beneficiaries") or provide any guarantee, security or the like on the behalf of the Ultimate Beneficiaries;

(e) The management has represented that, to the best of its knowledge and be ief as disclosed in the Note No. 42 of the financial statements attached herewith no funds have been received by the Company from any person/s or entity/ies including foreign entity/ies(“Funding Party/ies”), with the understanding whether recorded in writing or otherwise, that the Company shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party/ies (“Ultimate Beneficiaries”)

or provide any guarantee, security or the like on the behalf of the Ultimate Beneficiaries;

(g) Based on the audit procedures performed that have been considered reasonable and appropriate in the circumstances nothing has come to our notice that has caused us to believe that representations under sub-clauses (i) and (ii) of clause (e) of Rule 11 contain any material mis-statement;

(h) During the financial year under audit, no dividend has been declared, however dividend has been paid by the Company which was declared in previous financial year;

(i) The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is applicable from April 01, 2023. Based on our examination which included test checks, except for the instances mentioned below, the Company has used accounting software for maintain its books of account, which have a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in respective software.

1. The feature of recording audit trail (edit log) facility was not enabled at the database level to log any direct data changes for the accounting software used for maintain the books of account for the period April 01 2023 to April 04 2023.

2. The feature of audit trail (edit log) facility was not enabled at the application layer of accounting software for the period April 01 2023 to April 04 2023.

3. The feature of audit trail (edit log) facility was not enabled at the database level and application level of accounting software used for maintain the books of account relating to products of industrial valves for April 01 2023 to March 31,2024.

Further, for the periods where audit trail (edit log) facility was enabled and operated throughout the year for accounting software, we did not come across any instance of audit trail feature being tempered with.

Further, as proviso to sub-rule 1 of Rule 3 of the Companies (Account) Rule, 2014 is applicable from April 1, 2023, reporting under sub-rule (g) of Rule 11 of the Companies (Audit and Auditors) Rule, 2014 on preservation of audit trail as the statutory requirement for record retention is not applicable for the financial year ended on March 31, 2024.

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Mar 31, 2023

M/s. Captain Technocast Limited,

Rajkot

Report on the Audit of the Financial Statements

Opinion:

1 We have audited the Standalone financial statements of Mis. Captain
Technocast Limited. Rajkot (hereinafter referred to as the Company > (C1N_
L273GQGJ2010PLC061673), which comprise the Standalone Balance Sheet as at
31 March, 2023 and the Standalone Statement of Profit and Loss, the
Standalone Cash Flow Statement for the year the ended, including a
summary of significant accounting policies and other explanatory information.

2 In 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 Companies Act, 2013 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 31 March, 2023, and its Profit and its cash flows for the year ended on

that date

Basis for Opinion:

1 We conducted our audit in accordance with the Standards on Auditing (SAs)
specified under section 143(10) of the Companies Act, 2013 hereinafter
referred to as the ‘''Acf). 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 m
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 Act and me
Rules there under, 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:

1 The company''s board of directors is responsible for the preparation erf other
information. The other information comprises the Boards Report mcuding
Annexure to Board''s Report but does not include the financial statements and

our auditor''s report thereon.

3 Our opinion on the financial statements does not cover the other information
and we do not express any form of assurance conclusion thereon.

4 in connection with our audit of the financial

read the other information and. in doing so consider whetlher he othe
information is materially inconsistent with the financial statements or out
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 the fact. We have nothing to report in this regard.

Responsibility of Management and those charged with Governance for the
Standalone Financial Statements:

1 The Company''s Board of Directors is responsible for the matters stated in
section 134(5) of the Act with respect to the preparation of these Stan dak
M «££*» that give a true and fair view

financial performance, and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the accounts
Standards specified under section 133 of the Act This responsibHity aso
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 judgment,
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 ^ ap^unting
records relevant to the preparation and presentation of the flnancia
9^ a true and fair view and are free from material

misstatement, whether due to fraud or error.

2 in preparing the financial statements, management is ^sponsibte 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^P of accounting unless management either

Company or to cease operations, or has no realistic alternative but to do so.

3 Those Board of Directors are also responsible for overseeing the company s
financial reporting process.

Auditor''s Responsibilities for the Audit of the Financial Statements:

4 Our objectives are to obtain reasonable assurance about ^wh^W|roial
statements as a whole are free from material misstatement whether due to
S or error, and Lo issue an auditor''s report that includes our opin.ort
Reasonable assurance is a high level of assurance but is aot a guarantM tha
an audit conducted in accordance with SA_s will always detect a materia

misstatement when it exists. ^{frCwT1 fraud cr error aT}

are considered material if. individually or in .qjgWfe .j?!* gg
reasonably be expected to influence the economic decisions of users

on the basis of these financial statements,

5 As a part of an audit in accordance With SAs, we

judgment and maintain professional skepticism throughout the audit. We also.

. Identify and assess the nsks of material misstatement of the facial
statements whether due to fraud or error, design and perform audrt
procedures responsive to those risks, and obtain audit evince ha
sufficient and appropriate to provide a basis or optwon nsk o
not detecting a material misstatement resulting from fraud « higher
than for one resulting from error, as fraud may involve
forgery, intentional omissions, misrepresentations, or the override of

internal control

. Obtain an understanding of internal control relevant to the audit

order to design audit procedures that are appropriate m he
circumstances. Under section 143(3)0 of the Act, 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 mad

by management

. conclude on the appropriateness of manage,^rnent''5_^u“ _d°!

concern basis of accounting and, based on the audit evidence
obtained whether a material uncertainty exists related t0₍ 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 imM
exists we are required to draw attention in our audttodsr^orttothe
related disclosures in the financial statements or, if such ^closures
are inadequate, to modify our opinion. Our conclusions are based
the audit evidence obtained up to the date of our auditors repot
However Sum events or conditions may cause the Company to
cease to continue as a going concern

. Evaluate the overall presentation, structure, and contenttof''thefinancial
statements including the disclosures, and whether the financial
statements represent the underlying transactions and events in
manner that achieves fair presentation.

6 We communicate with those charged with governance regarding.jm°"9
Xr matters the planned scope and timing of the audit and significant audA
finrS® toduding any significant deficiencies in internal control that we
Sduring our audl We also proved charged with governance wrth

____ffir/ ____________

---'' i D01 .Phone *01-201- 34B0035

a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with the ^Te,a,l°"fand
matters that may reasonably be thought to bear on our in pe -

where applicable, related safeguards,

Report on Other Legal and Regulatory Requirements:

1 As required by the Companies {Auditor''s Report) Order 2020 (tne Order ^
issued bv the Central Government of India in terms of sub-section 1 1) o

seXn «3 Of the Compan.es Act. 2013. we ^fJ^Orderlo ”
on the matters specified in paragraphs 3 and 4 of the Order, lo the ext

applicable

2 AS required by Section 143(3) of the Act, further to comments in the
Annexure, we report that:

_(a) We have sought and obtained all the information and gganatlons
which to the best of our knowledge and belief were necessary fur the

purposes of our audit

(bt 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 Company has No branch so this Clause is not Applicable

(d) The financial Statements dealt with by this Report are in agreement
with the books of account.

let in our opinion the aforesaid financial statements comply with the

^toountmg Standards specified under Section 133 of the Act, read wrth

Rule 7 of the Companies (Accounts) Rules. 2014

(f) In our opinion, there are no observations or financial

transactions or matters which have any adverse effect on the
functioning of the Company.

tn\ On the basis of the written representations received from the directors
° as on 31 March. 2023 taken on record by the Board “t™rectors. _bⁿ°™
of the directors is disqualified as qn 31 MarOhy 202 3

appointed as a director in terms of Section 164 (2) of the Act.

(h) There are no qualification, reservation, and adverse remarks relating to
the maintenance of accounts and other matters

(a With respect to the adequacy of the internal financial«***£,"?
financial reporting of the Company and the operating effectiveness o
such controls, refer to our separate Report in Annexure A

0) With respect to ft. matters

according to the explanations given to us.

t» ssBaassser

« ~^jsaa.ass

fosses B any. on long-term contracts including derivative
contracts.

let There were no amounts which were required to be transferred to
the I nvestor Education and Protection Fund by the Company.

knowledge and belief, as disclosed in Note No. »A oi tn
financial⁹ statements attached herewith no fundsi have been
advanced or loaned or invested (either

share premium or eny other sources 01 kind of funds) by t
Comoanv to or in any other personls or entities including any
foreign entityfies (''Intermediaries''), with the understanding
whether recoLd in writing or otherwise, that the intermediaries
shall, directly or indirectly tend or invest in of

entities identified in any manner whatsoever by of on bet I
the Company ("Ultimate Beneficiaries ) or provide any
guarantee security or the like on the behalf of the Ultimate

Beneficiaries.

_(e> The management has represented that to the''best of its
knowledge and belief, as disclosed in the No e No. o5E^ of the
financial statements attached herewrth. nc.funds have Dee
received by the Company from any persOp/QOT e™tyf
including foreign entity(ies( Funding Parole ).
understanding whether recorded in writing or otherwise, that t
Company shall, directly or indirectly lend or invest m other

persons or entities identified in any manner whatsoever by or on

behalf of the Funding Party/ies ("Ultimate Beneficiares ) or
provide any guarantee, security or the like on the behalf of the
Ultimate Beneficiaries.

m Based on the audit procedures performed that have been
^m considered reasonable and appropriate in ^l"b ^c’^r™bstances
nothing has come to ou, notice that has caused us te bekeve
that representations under sub-clauses (i) and ( ^

of Rule 11 contain any material mis-statement

it ^7 VI

(g) During the financial year under audit, no dividend has been
declared, or paid by the Company,

fhl As proviso to rule 3(1) of the Companies (Accounts) Rules, 2014
^m ZSSSSSlor the company only w.e.f. April 1, 2023, reporting
under this clause is not applicable.

For J C Ranpura & Co

©Chartered Accountants
FRN;10B647\W

Me lull J. Ranpura

. _ .. , Partner

Placer MW. Membership Wo 128453 ^

Date 16 05 2023 JOIN

---

Mar 31, 2018

Report on Audited Financial Statements

We have audited the accompanying financial statements of CAPTAIN TECHNOCAST LTD. (‘the Company”), which comprise the Balance Sheet as at March 31, 2018 and the Statement of Profit and Loss and the Cash Flow Statement for the year ended on that date, and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility 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 and financial performance of the Company including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the 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 and estimates that are reasonable and prudent; and the 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.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

In making those risk assessments, the auditor considers internal financial control relevant to the Company’s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on whether the Company has an adequate internal financial controls system over financial reporting in place and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company’s Board of Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements read together with the notes thereon, 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, to the extent applicable;

a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2018;

b) In the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date; and

c) In the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1 As required by the Companies (Auditor’s Report) Order, 2016 (“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 and Statement of Profit and Loss dealt with by this report are in agreement with the books of account, as submitted to us;in our opinion, the aforesaid financial statements comply with the accounting standards specified under Section 133 of the Companies Act, read with

d) Rule 7 of the Companies (Accounts) Rules, 2014, to the extent applicable;

e) On the basis of written representations received from the directors, as on March 31, 2018, and taken on record by the Board of Directors, none of thedirectors is disqualified as on 31st March, 2018 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 over financial reporting of the Company and the operating effectiveness of such controls, refer to 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 Auditor’s) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

h) There were no pending litigations which would impact the financial position of the Company.

ii) The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable osses, if any, and as required on long-term contracts including derivative contracts.

iii) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

ANNEXURE ‘A’ TO THE AUDITOR’S REPORT

(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ of our Report of even date on the Financial Statements of CAPTAIN TECHNOCAST LIMITED, for the year ended on 31st March, 2018)

I FIXED ASSETS:

a In our opinion, the company has generally maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

b. As explained to us, the fixed assets have been physically verified by the management during the year in a phased periodical manner, which in our opinion is reasonable, having regard to size of the company and nature of its assets. No material discrepancies with respect to book records were noticed on such verification.

c. As explained to us and on the basis of our examination of the books of accounts, the deeds of immovable properties are held in the name of the company.

ii. INVENTORIES:

a. According to the information and explanation given to us, the inventories have been physically verified during the year by the management and in our opinion, the frequency of verification is reasonable.

b. According to the information and explanation given to us as explained to us, no material discrepancies were noticed on physical verification of inventories as compared to the book records.

iii. LOANS:

According to the information and explanations given to us and on the basis of our examination of the books of account, the company has not granted any loans, secured or unsecured to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under Section 189 of the Companies Act, 2013, during the year under review. Consequently, the provisions of clause (iii) of the order are not applicable to the company.

iv. LOANS, INVESTMENTS & GUARANTEES:

According to the information and explanations given to us and on the basis of our examination of the books of account, the company has not granted any loans directly or indirectly to any directors or person or entities in which directors are interested; has not made any investments or has not given any guarantee for loans taken by others from any bank or financial institutions. Consequently, the provisions of clause (iv) of the order are not applicable to the company.

v. DEPOSITS:

As explained to us, the company has not accepted any loans or deposits within meaning of Section 73 to 76 of the Companies Act, 2013 read with Rule 2(b) of the Companies (Acceptance of Deposit’s) Rules 2014, during the year under review.

vi. COST RECORDS:

According to the information and explanations provided by the management to us and to the best of our knowledge, the Company is not engaged in production of any such goods or production of any such services for which the Central Government has prescribed particulars relating to utilization of material or labour or other items of cost. Hence the provisions of section 148(1) of the Act do not apply to the Company.

vii. STATUTORY DUES:

a. As per information and explanation available to us, undisputed statutory dues including provident fund, income-tax, sales-tax, service tax, custom duty, excise duty, value added tax, cess and other statutory dues have been generally regularly deposited with the appropriate authorities, applicable to it, though there had been some delays in certain cases. Further according to information explanation given to us, No undisputed statutory dues applicable to the company were outstanding as at 31st March, 2018 for a period of more than 6 months from the date they become payable.

b. According to the information and explanation available to us, there are no dues outstanding on account sales tax, income tax, wealth tax, service tax, custom duty, excise duty, cess on account of dispute.

viii. DUES TO FINANCIAL INSTITUTION, BANKS OR DEBENTURE HOLDER:

Based on our audit procedures and as per information and explanation given to us by the management of the company, we are of the opinion that company has not defaulted in repayment of dues to financial institutions and banks during the year under review. The company has not issued any debentures.

ix. TERM LOANS & PUBLIC ISSUE:

Based on the audit procedures performed and according to the information, explanations given to us, on an overall basis, the existing as well as new term loans have been applied for the purpose for which they were obtained.

Further, during the year under review, the company has raised Rs. 330.00 Lacs through an initial public offer by fresh issue of 8,25,000 Equity Share of Rs. 10 each issued at a premium of Rs. 30 each. Based on the audit procedures performed and according to the information, explanations given to us, on an overall basis, the amounts so raised have been applied for the purpose for which they were obtained.

x. FRAUD:

Based upon the audit procedures performed and as per the information and explanation given by the management, we report that no fraud by the company or any fraud on the company by its officers / employees has been noticed or reported during the course of our audit.

xi. MANAGERIAL REMUNERATION:

In our opinion and as per the information and explanations given to us, the company has complied with the provisions of section 197 of the Companies Act, 2013 regarding managerial remuneration to the extent applicable.

xii. NIDHI COMPANY:

In our opinion, the company is not a nidhi company. Consequently, the provisions of clause (xii) of the order are not applicable to the company.

xiii. RELATED PARTY TRANSACTIONS:

Based upon the audit procedures performed and as per the information and explanation given by the management, all the transactions with the related parties are in compliance with Section 177 and 188 of the Companies Act, 2013 and have been duly disclosed in the financial statements, as required by the applicable accounting standards.

xiv. PREFERENTIAL ALLOMENT / PRIVATE PLACEMENT:

Based on the audit procedures performed and according to the information and explanations given to us, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Consequently, the provisions of clause (xiv) of the order are not applicable to the company.

xv. NON-CASH TRANSACTIONS:

Based on the audit procedures performed and according to the information and explanations given to us, the company has not entered into any non-cash transactions with directors or persons connected with him. Consequently, the provisions of clause (xv) of the order are not applicable to the company.

xvi. REGISTRATION UNDER SECTION 45-IA OF RBI ACT, 1934:

Since the company is not an NBFC, the provisions of clause (xvi) of the order are not applicable to the company.

ANNEXURE - B TO THE AUDITOR’S REPORT

(Referred to in paragraph 2(f) of our Report of even date on the Statement of Accounts of CAPTAIN TECHNOCAST LIMITED, for the year ended on 31st March, 2018)

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

We have audited the internal financial controls over financial reporting of CAPTAIN TECHNOCAST LIMITED (“the Company”) as of 31 March 2018 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditor’s Responsibility

Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2018 based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For, SVK & ASSOCIATES

Chartered Accountants

Sd/-

Shilpang V. Karia Partner

M. No. - 102114 Place: Rajkot

F. No. - 118564W Date: 14th May, 2018