Auditor Report of Vishnusurya Projects And Infra Ltd.

Mar 31, 2025

We have audited the accompanying standalone financial
statements of ''Vishnusurya Projects and Infra Limited
(formerly known as Vishnusurya Projects and Infra Private
Limited) ("the Company”) which comprise the Standalone
Balance Sheet as at March 31,2025, the Standalone
Statement of Profit and Loss and Standalone Cash Flow
Statement for the year then ended, and notes to the
standalone financial statements, including a summary
of significant accounting policies and other explanatory
information.

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 (''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, 2025, its
profits, and its cash flows for the year then ended.

BASIS FOR OPINION

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 "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 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 thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and
the Code of Ethics. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis
for our opinion on the standalone financial statements.

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the
standalone financial statements of the current period.
These matters were addressed in the context of our audit
of the standalone financial statements as a whole and
in forming our opinion thereon, and we do not provide a
separate opinion on these matters.

1. Accuracy of revenue recognition, measurement, presentation and disclosures w.r.t unbilled revenue for Revenue from EPC & Allied activities Contracts with Customers

The Key Audit Matter

The Company, in its contracts with customers, delivers engineering, procurement, and construction ("EPC”) services. Revenue recognition involves significant judgment, especially for unbilled revenue, which represents revenue accrued for costs incurred for work performed but not yet invoiced. As at March 31, 2025, unbilled revenue amounted to ''4,695.11 lakhs. Determining whether the performance obligation has been satisfied, assessing recoverability of contract assets, and estimating costs to complete the contract involve high judgment and materiality

How we addressed the matter in our audit	Our audit procedures included, but were not limited to, the following: (A) Evaluated the appropriateness of the Company''s accounting policy for revenue recognition. (B) Obtained an understanding of the systems, processes, and internal controls over recording and computing revenue and associated contract assets.. (C) For selected contracts, we • Examined evidence supporting work execution and completion. • Assessed recoverability of overdue amounts and the impact on expected credit loss allowance. • Reviewed adjusting events after the reporting date. • Tested samples of costs incurred and performed cut-off procedures. • Compared actual costs with management estimates to evaluate reasonableness of remaining costs to complete. • Confirmed work completion with customers, sub-contractors, and site engineers. (D) Confirmation for work completion details w.r.t to unbilled revenue from the customer/ sub-contractor and site engineers.
2. Existence and Valuation of Inventory at Mining Sites
The Key Audit Matter	The Company holds mining inventories, including boulders, crushed rock, gravel, sand, and construction materials, which are bulky and unevenly distributed in large stockpiles. Continuous extraction and production make accurate measurement challenging, and physical verification relies on manual surveys and estimations, increasing the risk of misstatement.
How we addressed the matter in our audit	Our audit procedures included, but were not limited to, the following: 1. Attended inventory counts at mining sites as of March 31, 2025, and observed management''s procedures to assess the effectiveness. 2. Tested a sample of inventory quantities against records and ensured proper adjustments in the books. 3. Performed comparative analysis with prior year inventory and evaluated internal controls over: • Physical access and security • Inventory measurement and survey procedures - Procedures for conducting stockpile surveys or core sampling to ensure accuracy and consistency • Recordkeeping and reconciliation - Register maintained to track extraction, production and sales data and monthly submission to the management. Controls over how inventory data is documented, tracked, and reconciled with production records 4. Reviewed cut-off procedures and disclosures in the Standalone financial statements.
3. Claims and Exposures Relating to Taxation and Litigation
The Key Audit Matter	Taxation and litigation exposures have been identified as a key audit matter due to the complexities involved in these matters, timescales involved for resolution and the potential financial impact of these on the Standalone financial statements. Further, significant management judgement is involved in assessing the exposure of each case and thus a risk that such cases may not be adequately provided for or disclosed. Refer Note 31 of standalone financial statements for disclosures on pending legal / disputed claims

How we addressed the matter in our audit	Our audit procedures included, but were not limited to, the following: • Understood the process for identifying claims, litigations, and contingent liabilities, and tested key controls. • Obtained and Reviewed summaries of legal and tax cases, assessed management''s judgment, and corroborated developments with relevant documentation • Reviewed the legal and other professional expenses and enquired with the management for recent developments and the status of the material litigations which were reviewed. • Examined external legal opinions (where considered necessary) and other evidence to corroborate management''s assessment of the risk profile in respect of legal claims. • Assessed the competence and objectivity of the Company''s experts • Assessed whether management assessment of similar cases is consistent across the divisions or that differences in positions are adequately justified. • Assessed the relevant disclosures made within the Standalone financial statements to address whether they reflect the facts and circumstances of the respective tax and legal exposures and the requirements of relevant accounting standards
4. Recoverability of Disputed Trade Receivables
The Key Audit Matter	The Company has trade receivables of ''120 lakhs in the construction segment that are disputed and subject to arbitration proceedings. While management believes no provision is necessary based on contractual tenability and legal opinion, the uncertainty regarding the outcome and the materiality of the amount make this a key audit matter Refer Note ... of standalone financial statements for disclosures on disputed Trade receivable
How we addressed the matter in	Our audit procedures included, but were not limited to, the following:
our audit	1. Verified contractual agreements supporting management''s assessment of receivable recoverability. 2. Evaluated management''s judgment regarding dispute resolution and correspondence with legal counsel. 3. Reviewed external legal opinions and assessed consistency of management''s assessment across cases. 4. Assessed disclosures in the Standalone financial statements related to these disputed receivables.

OTHER MATTER

The Standalone financial statements of the Company for
the year ended March 31, 2024, were audited by another
auditor who expressed an unmodified opinion on those
statements on May 23, 2024. Our opinion is not modified in
respect of the comparative information.

INFORMATION OTHER THAN THE STANDALONE
FINANCIAL STATEMENTS AND AUDITORS’ REPORT
THEREON

The Company''s Board of Directors is responsible for the

other information. The other information comprises the
information included in the Company''s Annual Report but
does not include the standalone financial statements and
our auditor''s report thereon. Management Discussion and
Analysis and Board''s report, along with its annexures, is
expected to be made available to us after the date of this
Auditor''s report. 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 identified above when it becomes available

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.
When we read the Management Discussion and Analysis
and Board''s report, if we conclude that there is a material
misstatement therein, we are required to communicate
the matter to those charged with governance and will take
appropriate actions necessitated by the circumstances and
the applicable laws and regulations.

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 Section134(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 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 these standalone financial statements, the
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 the Management
either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so. The
Board of Directors are also responsible for overseeing the
company''s financial reporting process.

AUDITOR’S RESPONSIBILTIES 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 Standalone 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
an adequate internal financial controls with reference
to standalone financial statements 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 standalone 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 standalone financial statements, including the
disclosures, and whether the standalone 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.

From the matters communicated with those charged with
governance, we determine those matters that were of
most significance in the audit of the standalone financial
statements of the current period and are therefore the key
audit matters. We describe these matters in our auditor''s
report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances,
we determine that a matter should not be communicated
in our report because the adverse consequences of doing
so would reasonably be expected to outweigh the public
interest benefits of such communication.

REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS

1. As required by the Companies (Auditor''s Report) Order,
2020 ("the Order”), issued by the Central Government
of India in terms of 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
purpose of our audit.

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

c) The Standalone Balance Sheet, the Standalone
Statement of Profit and Loss and the Standalone
Statement of cashflows 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 Accounting Standards
specified under section 133 of the Act, read with
the Companies (Accounting standards) Rules
2021.

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

f) With respect to the maintenance of accounts and
other matters connected therewith, reference is
made to our remarks in paragraph 2 (b) above on
reporting under Section 143(3)(b) and paragraph
2(i)(vi) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014 (as
amended).

g) With respect to the adequacy of the internal
financial controls with reference to standalone
financial statements of the Company and the
operating effectiveness of such controls, refer to
our separate Report in "Annexure B”.

h) With respect to the other matters to be included
in the Auditor''s Report in accordance with the
requirements of section 197(16) of the Act. In
our opinion and according to the information
and explanations given to us, the remuneration
paid by the Company to its directors during the
current year is in accordance with the provisions
of Section 197 of the Act. The remuneration paid
to any director is not in excess of the limit laid
down under Section 197 of the Act. The Ministry
of Corporate Affairs has not prescribed other
details under Section 197(16) of the Act which are
required to be commented upon by us.

i) With respect to the other matters to be included in
the Auditor''s Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014, in
our opinion and to the best of our information and
according to the explanations given to us:

i. The Company has disclosed the impact of the
pending litigations on its financial position in
Standalone financial statements- Refer note
31 to the standalone financial statement.

ii. The Company did not have any long-term
contracts, including derivative contracts for

which there were any material foreseeable
losses.

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

iv. The Management has represented that, to the
best of its knowledge and belief.

a) No funds (which are material either
individually or in the aggregate) have
been advanced or loaned or invested
(either from borrowed funds or share
premium or any other sources or kind
of funds) by the Company to or in
any other person or entity, including
foreign entity ("Intermediaries”), with
the understanding, whether recorded in
writing or otherwise, that the Intermediary
shall, whether

• Directly or indirectly lend or invest in
other persons or entities identified
in any manner whatsoever by or on
behalf of the Company ("Ultimate
Beneficiaries”) or

• Provide any guarantee, security or
the like on behalf of the Ultimate
Beneficiaries

b) The Management has represented,
that, to the best of its knowledge and
belief, no funds (which are material
either individually or in the aggregate)
have been received by the Company
from any person or entity, including
foreign entity ("Funding Parties”), with
the understanding, whether recorded in
writing or otherwise, that the Company
shall, whether,

• Directly or indirectly, lend or invest in
other persons or entities identified
in any manner whatsoever by or on
behalf of the Funding Party ("Ultimate
Beneficiaries”) or

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

c) Based on the audit procedures carried
out by us, that have been considered
reasonable and appropriate in the
circumstances, nothing has come to our
notice that has caused us to believe that
the representations under sub-clause (i)
and (ii) of Rule 11(e), as provided under
(a) and (b) above, contain any material
misstatement

v. The dividend declared and paid during the
year by the Company is in compliance with
Section 123 of the Act except 123(4) of the
companies act, 2013.

vi. Based on our examination which included test
checks, the Company maintains its books of
account at the registered office and mining
sites at Aruppukottai and Vandavasi. Across
these locations, it uses Tally Prime Edit Log
and Quarry King (for inventory management
and billing), both of which incorporates the
audit trail (edit log) feature. This feature
remained enabled throughout the year for
all relevant transactions recorded in the
software. Further, the backups of the audit
trails (edit logs) from both the aforementioned
software to the extent maintained in prior
years, have been preserved by the Company
as per the statutory requirements for record
retention

For Madhu Balan & Associates

Chartered Accountants FRN: 011106S

T. Sivagurunathan

Partner

Membership No.: 220075
UDIN: 25220075BMRKHL2421

Place: Chennai
Date: 23-05-2025

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Mar 31, 2024

We have audited the accompanying standalone financial statements of ''Vishnusurya Projects and Infra Limited ("the Company”) which comprise the Balance Sheet as at March 31,2024, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and notes to the standalone financial statements, including a summary of significant accounting policies and other explanatory information.

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 (''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, its profits, and its cash flows for the year then ended.

basis for opinion

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 "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 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 thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the standalone financial statements.

key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

The Key Audit Matter	How the matter was addressed in our audit
1. Revenue recognition, measurement, presentation and disclosures w.r.t unbilled revenue for Revenue from EPC & Allied activities Contracts with Customers
The Company, in its contract with customers, promises to transfer distinct services, which may be rendered in the form of engineering, procurement, and construction ("EPC”) services. The recognition of revenue is based on contractual terms, which could be based on agreed unit price or lump-sum revenue arrangements. At each reporting date, revenue is accrued for costs incurred against work performed that may not have been invoiced. Identifying whether the Company''s performance has resulted in a service that would be billable and collectable, where the works carried out have not been acknowledged by customers as of the reporting date, involves a significant amount of judgement. Such unbilled revenue accounted as of March 2024 amounts to Rs 1065.45 lakhs	Our audit procedures included, but were not limited to, the following: (A) Evaluating the appropriateness of company''s accounting policy for revenue recognition (B) Obtained an understanding of the systems, processes and controls implemented by the Company for recording and computing revenue and the associated contract assets. (D) For sample contracts we performed (1) evaluation of evidence supporting the execution of work. (2) evaluation of recoverability of the overdue amounts.

Also, Assessing the recoverability of contract assets / amounts due against invoices raised which have remained unsettled for a significantly long period after the end of the contractual credit period also involves a significant amount of judgment.

(3) assessment of adjusting events after the reporting date i.e. March 31, 2024 and the date when the financial statements are approved by the Company''s Board of Directors (4) For cost incurred to date, tested samples to appropriate supporting documents and performed cut off procedures (5) performed analytical procedures (6) Compared costs incurred with Company''s estimates of costs incurred to date to identify significant variations and evaluated whether those variations have been considered appropriately in estimating the remaining costs to complete the contract. (8) Confirmation for work completion details w.r.t to unbilled revenue from the customer/ sub-contractor and site engineers. (9) For unbilled revenue accounted as at date - Acceptance of bill raised on subsequent date by the customer (10) Assessing the disclosure made by the management are in accordance with applicable accounting standards

2. Existence of inventory at construction site and Mining Site inventory of the company comprises 1. Gravel & Aggregates - Mining segment 2. Construction materials at site - EPC service segment 3. Drone & Accessories - Trading segment Mining Segment - Quarry products like boulders, crushed rock, gravel, and sand are bulky and unevenly distributed in large stockpiles. Extraction happens continuously, and new deposits are uncovered. This constant change means the inventory on hand is never static, making it challenging to get an accurate snapshot at any given time. This makes it challenging to physically count and verify their existence. Due to the physical limitations, determining inventory quantities often relies on manual processes like stockpile surveys, relying on book records and estimations. These methods, while necessary, can be prone to errors and inconsistencies.

Our audit procedures included, but were not limited to, the following: 1. We have attended inventory counts at mining sites conducted as at 31-03-2024, observed management''s inventory count procedures to assess the effectiveness, selected a sample of inventory products and compared the quantities weighed to the quantities recorded and ensured inventory adjustments, if any, are recorded in the books of accounts. 2. Comparative analysis of inventory as at the end of the year with the inventory at the beginning of the year 3. Evaluate internal controls: A crucial step involves scrutinizing the company''s internal controls related to inventory. This includes controls over: (a) Physical access: Security measures to prevent unauthorized extraction or manipulation of stockpiles. (b) Inventory measurement: Procedures for conducting stockpile surveys or core sampling to ensure accuracy and consistency. (c) Recordkeeping: Controls over how inventory data is documented, tracked, and reconciled with production records. (d) Register maintained to track extraction, production and sales data and monthly submission to the management 4. Reviewed cut off procedures 5. Assessing the disclosure made by the management are in accordance with applicable accounting standards

3 RecoveraBILITy oF DispuTED TraDe receIvaBLes	Our audit procedures included, but were not limited to, the
Current trade receivables of the company as at	following:
31 March 2024 includes Rs.120 lakhs, representing	1.	Verifying contractual agreements to support
disputed receivable in the construction segment		management''s position on the tenability & recoverability
The company has received favourable Ex-arte Order on		of these receivables.
30-01-2024 Rs.256 lakhs (including interest thereon)	2.	Examined management''s assessment of recoverability
which have subsequently been challenged by the Debtor		of receivables.
before Arbitration Tribunal. The tribunal considering the
facts submitted by the Debtor has recalled his ex-parte	3.	Obtaining an understanding of the current period
order and instructed the respondents of the case to submit		developments for respective claims/ arbitration awards
their statement of defence and reply to that statement and		pending at various stages of negotiations/ discussions/
scheduled the hearing on 19-06-2024.		arbitration/ litigation and corroborating the updates with
		relevant underlying documents
Management, based on contractual tenability of the claims/
receivables, progress of the discussions and relying on the	4.	Examined external legal opinions in respect of the merits
legal opinion obtained from independent legal counsel, has		of the case and assessed management''s position
determined that no provision is required to be recognised		through discussions with the management''s in-house
for the aforementioned receivables.		legal team to determine the basis of their conclusion.
However, considering the materiality of the amounts	5.	Assessing the disclosure made by the management are
involved, uncertainty associated with the outcome of		in accordance with applicable accounting standards
the negotiations/ discussions/ arbitration/ litigation
and significant management judgement involved in its
assessment of recoverability, this was considered to be
a key audit matter in the audit of the standalone financial
statements.

information other than the standalone financial statements and auditors’ report thereon

The Company''s Board of Directors is responsible for the other information. The other information comprises the information included in the Company''s Board Report including annexures to the Board''s Report but does not include the standalone financial statements and our auditor''s report thereon.

Management discussion and Analysis and Board''s Report The Board report along with its annexures is expected to be made available to us after the date of this Auditor''s report.

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 identified above when it becomes available 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.

When we read the Management discussion and Analysis and Board''s report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance and will take appropriate actions necessitated by the circumstances and the applicable laws and regulations.

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 Section134(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 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 these standalone financial statements, the 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 the Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The Board of Directors are also responsible for overseeing the company''s financial reporting process.

auditor’s responsibilties 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 Act, we are also responsible for

expressing our opinion on whether the company has an adequate internal financial controls system in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management''s 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 standalone 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 standalone financial statements, including the disclosures, and whether the standalone 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.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

report on other legal and regulatory requirements

1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order”), issued by the Central Government of India in terms of 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 purpose of our audit.

b) In our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books except for the matters stated in paragraph 2 (i) (vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended).

c) The Balance Sheet, the Statement of Profit and Loss and the Statement of cashflows 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 Accounting Standards specified under section 133 of the Act, read with the Companies (Accounting standards) Rules 2021.

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 maintenance of accounts and other matters connected therewith, reference is made to our remarks in paragraph 2 (b) above on reporting under Section 143(3)(b) and paragraph 2(i)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended).

g) With respect to the adequacy of the internal financial controls with reference to standalone financial statements of the Company and the

operating effectiveness of such controls, refer to our separate Report in "Annexure B".

h) With respect to the other matters to be included in the Auditor''s Report in accordance with the requirements of section 197(16) of the Act.

I n our opinion and according to the information and explanations given to us, the remuneration paid by the Company to its directors during the current year is in accordance with the provisions of Section 197 of the Act. The remuneration paid to any director is not in excess of the limit laid down under Section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other details under Section 197(16) of the Act which are required to be commented upon by us.

i) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of the pending litigations on its financial position in financial statements- Refer note 31 to the standalone financial statement.

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

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

iv. The Management has represented that, to the best of its knowledge and belief.

a) No funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity ("Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether

• Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of

the Company ("Ultimate Beneficiaries”) or

• Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries

b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity ("Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether,

• Directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries”) or

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

c) Based on the audit procedures carried out by us, that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement

v. The Interim dividend declared and paid during the year by the Company is in compliance with Section 123 of the Act.

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

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April 1, 2023, reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per the statutory requirements for record retention is not applicable for the financial year ended March 31,2024

For S R B R & Associates LLP Chartered Accountants

FRN:004997S/S200051

R. Sundararajan

Partner

Membership No.: 029814 UDIN: 24029814BKGSYL1322

Place: Chennai Date: May 23, 2024