Auditor Report of Party Cruisers Ltd.

Mar 31, 2024

PARTY CRUISERS LIMITED

REPORT ON THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of PARTY CRUISERS LIMITED (the “Company”), which comprise the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss and the Statement of Cash Flows for the year ended on that date and notes to the financial statements, including a summary of material accounting policies and other explanatory information (hereinafter referred to as the “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, Accounting Standards prescribed under section 133 of the Act read with the Companies (Accounting Standards) Rules, 2021, as amended (“AS”) and other accounting principal generally accepted in India, of the state of affairs of the company as at March 31, 2024.

Basis for Opinion

We conducted our audit of the Standalone Financial Statements in accordance with the Standards on Auditing (“SA”s) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (“ICAI”) together with the ethical requirements that are relevant to our audit of the Standalone Financial Statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the Standalone Financial Statements.

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 information included in the Annual Report but does not include the financial statements and our auditor’s report thereon. Our opinion on the Standalone 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 Standalone Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Standalone 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.

1. Trade receivable include amount of Rs. 14.16 Lakhs which were outstanding for substantial period of time. Management has assessed that; no adjustments are required for carrying value of aforesaid balances. Consequently, in the absence of sufficient appropriate audit evidence to support the Management’s contention of recoverability of these balances, we are unable to comment upon the adjustments if any, that are required to the carrying value of aforesaid balances and consequential impact if any on the accompanying standalone financial results.

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 information included in the Annual Report but does not include the financial statements and our auditor’s report thereon. Our opinion on the Standalone 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 Standalone Financial

Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Standalone 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.

Responsibility of Management and Those Charged With Governance for the Standalone Financial Statements

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 true and fair view of the financial position, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards specified in the Companies (Indian Accounting Standards) Rules, 2015 (as amended) 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 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 standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, the Board of Directors 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 the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

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

The Ministry of Corporate Affairs (MCA) has prescribed a new requirement for companies under the proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 inserted by the Companies (Accounts) Amendment Rules, 2021 requiring companies, which uses accounting software for maintaining its books of account, shall use only such accounting software which has a feature of recording audit trail of each and every transaction, creating an edit log of each change made in the books of account along with the date when such changes were made and ensuring that the audit trail cannot be disabled.

The audit trail feature was not enabled at the database level for accounting software Tally Prime to log any direct data changes, used for maintenance of all accounting records by the Company.

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

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a 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 standalone financial statements. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal 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.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

To elaborate, we comment on whether the company is using an accounting software which has a feature of recording audit trail and verify the following aspects:

• whether the audit trail feature is configurable (i.e., if it can be disabled or tampered with)?

• whether the audit trail feature was enabled/operated throughout the year?

• whether all transactions recorded in the software covered in the audit trail feature?

• Whether the audit trail has been preserved as per statutory requirements for record

retention?

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on our audit we report that:

a) We have sought and obtained all the information and explanations which to the 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, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

d) In our opinion, the aforesaid Standalone Financial Statements comply with the Ind AS specified under Section 133 of the Act.

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

f) with respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, the reporting under this clause is not applicable to the company.

g) with respect to other matters to be included in the Auditor’s report in accordance with the requirements of section 197(16) of the act, as amended. In our opinion and to the best of our information and according to the explanations given to us, of the company examined by us, and as explained to us, the provisions of section 197 read with schedule v of the act are not applicable to the Company.

h) 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:

1. The Company has disclosed the impact of pending litigations as at 31st March, 2024 on its financial position in its standalone financial statements - Refer Note No. 40 of Notes to Accounts to the standalone financial statements.

2. The Company does not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

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

4. a. The management has represented that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts, 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 foreign entities (“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 it’s knowledge and belief, other than as disclosed in the notes to the accounts, no funds have been received by the company from any person(s) or entity(ies), including foreign entities (“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; and

c. Based on audit procedures which we considered reasonable and appropriate in the circumstances, nothing has come to their notice that has caused them to believe that the representations under sub-clause (i) and (ii) contain any material misstatement.

5. The company has not declared or paid any dividend during the year.

6. As stated in the standalone financial statements and based on our examination which included test checks, except for instance mentioned below, the Company, in respect of financial year commencing on 01 April 2023, has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has been 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, other than the consequential impact of the exception given below.

Nature of exception noted	Details of Exception
Instances of accounting software used for maintaining books of account for which the feature of recording audit trail (edit log) facility was not operated throughout the year for all relevant transactions recorded in the software	The audit trail feature was not enabled at the database level for accounting software Tally prime, to log any direct data changes, used for maintenance of all accounting records by the Company.

For Ramanand & Associates Chartered Accountants FRN No. 117776W

Ramanand Gupta Partner M. No. 103975 Date: 14^th May, 2024 Place: Mumbai

UDIN: 24103975BKAHXQ7027

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Mar 31, 2023

1 We have audited the accompanyingtandalone financial statements PARTY CRUISERS LIMITED (“the Company”), which comprises the Balance Sheet as at March 31, 2023, the Statement of Profit and

Loss, the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and summaryof thesignificantaccounting policies and other explanatorynformation .

2 In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalonefinancial statements exceptfor themattersas reported in ‘Qualified Opinion’ paragraph, give the information required by the Companies Act, 2013 (the ‘Act’) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India specified under Section 33 of the Act, of the state of affairs (financial position) of the Company as at March 311 2023, and its profit (financial performance including other comprehensive income), its cash flow and the changes iniquity for the year ended on thdate.

Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(1) of the Companies Act, 203 (the Act). Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Standalone Financial Results 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 (ir audit of the financial results under the provisions of the Companies Act, 20B 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.

Basis of Qualified Opinion:

1. The Company’s CurrentFinancial Assets as at 3St March2023 includes Trade Receivables, aggregating to Rs. 497.45 Lakhs (3ht March 2C22 Rs. 15.05 Lakhs). Respectively out of which in respect of Trade receivable amounting to Rs. 48 Lakhs confirmations/statementhave not been received. Therefore,we were unable to comment on the recoverability of amount from whom confirmation is not received. Hence, we were unable to ascertain the financial impact on standalone financial statement .

2. The Company’s CurrentFinancial Liabilities as at 3kt March2023 includes Trade Payables, aggregating to Rs. B15 Lakhs (3kt March 2022 Rs. 75.88 Lakhs) respectively in respect of which confirmations/statementfrom the respective parties have not been received and which were outstanding for substantial period of tirFeurther, whilst, we have been able to perform alternate procedures with respect to certain balances, in the absence of confirmations/ statements from the respective parties, we are unable to comment upon the adjustments if any, that are required to the carrying value of aforesaid balances and consequential impact if any on the accompanying stan dalone financial results .

3. Trade receivable include amount of Rs. 5.96 Lakhs which were outstanding for substantial pe riod of time. Management haassessed that; no adjustments are required for carrying value of aforesaid balances. Consequently, in the absence of sufficientappropriate audit evidence to support the Management’s contention of recoverability of these balances, we are unable to comment upon the adjustments if any, that are required to the carrying value of aforesaid balances and consequential impact if anyon the accompanying standalone financial resul ts.

4. The Company loan & advances include amount of Rs. 25.52 Lakhs .which is outstanding for substantial period of time. The same is shown under the contingent assets of the notes of account in previous years. We are of the opinion that provision of same is required in the books of account but as per Managementassessment sno adjustments are required fcarrying value of aforesaid balances

since they are in discussion with party for the settlement of amount & there for management is of the opinion that no provision is required, therefore the Company has not made any provision for possible loss on such loansand advances,

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

The Company’s Board of Director''s responsible forthe other information. The othenformation comprises informationincluded in the Annual Report but does not include the financial statement sand our auditor’s reportthereon . Our opinion on the financial statement sdoes not cover the other information

and we do not express any form of assuranoaclusion thereon. In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained in theaudit or otherwise appears tbe materiallymisstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we ar eequiredto repor tthat fact. Wlaave nothingto reportin this regard.

Management’s Responsibilities for the Standalone Financial Results

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 thsfandalone financial statements that give a true and fair view of the state of affairs (financial position), profit or loss, changes in equity and cash flows of the Company in accordance with accounting principles generally accepted in India, specified under section B3 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 .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 hasio realistic alternatnbut to do so .

The Board of Director sire also responsible for overseeingthe Company’s financial repor tinprocess.

Auditor’s Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the standalone financial res ults as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report thattncludes 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. Misstatementscan arisefrom fraud or errorand are considered materialif, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalon financialresults .

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughouthe audit .

We also:

• Identify and assess the risks of material misstatement of the standalone financial results, whether due t • fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that issufficientand appropriateto provide a basis for our opinion.

The risk of not detecting a material misstatement resulting from fraud is higher than for one resulti g from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations , or the override of internalcontrol.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures tha are appropriate in the circumstances ,but not for the purpose of expressing an opinion on the effectivenes sof the company’s internalcontrol .

•Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimatesand relateddisclosuresmade by the Board oDirectors .

• Conclude on the appropriatenessof the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial results 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 standalone financial results, including the disclosures ,and whether the financial resultsrepresentthe underlying transactionand events in a manner that achieves fair presentation.

• We communicate with those charged with governance regarding, among other matters, the planned

scope and timing of the audit and significant audit findings, including any significant deficiencies in internal contrcthatwe identify during ouaudit.

• We also provide those charged with governance with a statement that we have complie d with relevant ethical requirement s 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

As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued by the Central Government in terms of Section 143 (11) of the Act, we give in “Annexure A” a statement on the matters specified in paragraphs 3 and 4 ctffie Order .

As required bySection 143 (3) ofthe Act ,we reportthat:

a) We have sought and obtained all thnformation and explanations which to the best of cur knowledge and belief were necessary for the purpose''s our audit.

b) In our opinion, proper books of account as required by law have been kept by Company so far as it appears from our examination ofhose books:

c) The Balance Sheet, the Statement of Profit and Loss (including other comprehensive income),the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books ofaccount:

d) In our opinion, the aforesaid standalone financial statement scomply with the Indian Accounting Standards prescribed under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 204.

e) On the basis of written representations received from the directors as on 3kt March 2023, none of the directors are disqualified as on 3fet March 2023 from being appointed as a director in terms of section 164(2) of the Act .

f) We have also audited the internalfinancial controls over financial reporting(IFCoFR ))f the Company

as on March 3, 2023, in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date and our report as per Annexure B expressed an unmodified opinion;

g) With respect to the other mattersto be included in the Auditor’s Report in accordance with Rule fl of

the Companies (Audit and Auditors) Rules, 20)4 (as amended), in our opinion and to the best of our informationand according to thexplanations givento us:

i. The Company has disclosed the impact of pending litigations as of 3St March, 2Q23 on its financial position in its standalone financialtatements .

ii. The Company did not have any long-termcontractsincluding derivatives contractsfor which therewere any materialforeseeablelosses.

iii. Company has not declared and paid any dividend, so there is no question of transferring amounts to the Investor Education and Protection Fund by the Company. Therefore, point is not applicable to the company.

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

v. The management has represented that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts, 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 foreign entities ‘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:

vi. The management has represented, that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts, no funds have been received by the company from any person(s) or entity(ies), including foreign entities ‘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; and

vii. Based on our audit procedures, nothing has come to our notice that has caused us to believe that the representations under sub-clause (v) and (vi) contain any material mis-statements.

For Ramanand & Associates Chartered Accountants ICAI Firm Reg. No. 117776W

CA Ramanand G Gupta

Partner

M. No. 103975

Place: Mumbai

Date: 20^th May, 2023

UDIN:23103975BGWH106595