Pavna Industries Ltd. இன் முடிவுகள்

Mar 31, 2025

We have audited the accompanying Standalone Ind AS Financial statements of PAVNA
INDUSTRIES LIMITED (“the Company”), which comprise the Balance Sheet as at 31st
March 2025 , and the statement of Profit and Loss (Including the statement of Other
Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity
for the year then ended on 31^st March 2025, and notes to Standalone Ind AS 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 Ind AS financial statements give the information required by
the Companies Act, 2013 as amended, (“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 31st March, 25, its profit including Other
Comprehensive Income, its cash flows and changes in Equity for the year ended on that
date.

Basis for Opinion

We conducted our audit of the Standalone Ind AS Financial Statements in accordance with
the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act,
2013. Our responsibilities under those Standards are further described in the Auditor’s
Responsibilities for the Audit of the Standalone Ind AS 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 Ind AS Financial Statements under the
provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our
other ethical responsibilities in accordance with these requirements and the Code of Ethics.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion on Standalone Ind AS Financial Statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the standalone Ind AS financial statements for the Financial Year
ended 31^st March’2025. These matters were addressed in the context of our audit of the
standalone IND AS financial statements as a whole, and in forming our opinion thereon, and

we do not provide a separate opinion on these matters. We have determined the matters
described below to be the key audit matters to be communicated in our report.

Other Information

The Company’s board of directors is responsible for the preparation of the other
information. The other information comprises the information included in the company’s
annual Report but does not include the Standalone Ind AS Financial Statements and our
auditor’s report thereon.

Our opinion on the Standalone Ind AS 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 Ind AS 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 Ind AS Financial Statements or
our knowledge obtained during the course of our audit or otherwise appears to be
materially misstated. If, based on the work we have performed, we conclude that there is a
material misstatement of this other information, we are required to report that fact. We
have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the
Standalone IND AS 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 Standalone Ind
AS Financial Statements that give a true and fair view of the financial position, financial
performance, including other comprehensive income, changes in Equity and cash flows of
the Company in accordance with the accounting principles generally accepted in India,
including the Indian accounting Standards (IND AS) specified under section 133 of the Act
read with the Companies (Indian Accounting Standards) Rules, 2015 as amended. This
responsibility also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding of the assets of the Company and for
preventing and detecting frauds and other irregularities; selection and application of
appropriate accounting policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the Standalone Ind AS
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 Ind AS 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.

Those Board of Directors are also responsible for overseeing the Company’s financial
reporting process.

Auditor''s Responsibilities for the Audit of the Standalone Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the Standalone Ind AS
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 Ind AS Financial Statements.

A further description of the auditor’s responsibilities for the audit of the Standalone Ind AS
Financial Statements is included in Annexure A. This description forms part of our auditor’s
report.

Other Matter

The financial information of the company for the year ended 31 March, 2024 included in
these standalone IND AS financial statements have been audited by predecessor auditor
M/S Rajeev Kumar & Company who have expressed and unmodified opinion on the same ,
vide report dated 30^th May, 2024.

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. A) 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 Standalone Balance Sheet, the Standalone Statement of Profit and Loss
(including Statement of other comprehensive income) and the Standalone Cash
Flow Statement and the Standalone Statement of Changes in Equity dealt with by
this Report are in agreement with the books of account.

d) In our opinion, the aforesaid Standalone Ind AS Financial Statements comply
with the Accounting Standards specified under Section 133 of the Act and rules
read with Companies (Indian Accounting Standards) Rules, 2015, as amended.

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

f) With respect to the adequacy of the internal financial controls with reference to
these Standalone Ind AS Financial Statements of the Company and the operating

effectiveness of such controls, refer to our separate Report in ''Annexure C’ to this
report.

g) 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, as amended in
our opinion and to the best of our information and according to the explanations
given to us, the remuneration paid by the company to its directors during the
year is in accordance with the provisions of Section 197 read with Schedule V of
the Act.

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:

i. The Company has disclosed the impact of pending litigations on its financial
position in its Standalone Financial Statements.

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

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

iv. (a) The management has represented that, to the best of it’s knowledge and
belief, 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 its knowledge and
belief, 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 such audit procedures that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has
caused us to believe that the representations under sub-clause (i) and (ii) of
Rule 11(e), as provided under (a) and (b) above, contain any material mis¬
statement.

v. No dividend have been declared or paid during the year by the company.

vi. Based on our examination which included test checks, the company has used
accounting software for maintaining its books of account for the year ended
31^st March, 2025 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.

For ARUN VARSHNEY AND ASSOCIATES
Chartered Accountants
FRN:0005560C

Sd/-

Place: - ALIGARH CA. ARUN KUMAR

Date: 26/05/2025 (PARTNER )

UDIN: 25073299BMNXAG3144 Membership No. 073299

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Mar 31, 2024

l\V have audited die accompanying Standalone hid AS Financial Statements of Pavna Industries Limited (“the Company") which comprise the Balance Sheet as at March 31,2024, the Statement of Profit and Loss (including the statement of Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for die year then ended'' and notes to standalone hid AS 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, tlu- aforesaid Standalone hid AS Financial Statements give the information required by the Companies Act, 2013 as amended, ("the Act") in the manner so required and give a true ami fair view in conformity with the accounting principles generally accepted in India, of tlu- state of affairs of the Company as at March 31, 2023. its profit including other comprehensive income, its cash flows and the changes in equity for the year ended on tliat date.

Basis for Opinion

We conducted our audit of the Standalone Ind AS Financial Statements in accordance with llw Standards On Auditing (SAs), as specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities tor the Audit of the Standalone Ind AS Financial Statements section of our report We are independent of the Company in accordance will! the Code of Ethics issued by the Institute ol Chartered Accountants of India, together with the ethical requirements that are relevant to our audit of the Standalone Ind AS Financial Statements under the provisions of the Act, ..ml the Rules thereunder, and we have fulfilled our oilier 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 audit opinion on the Standalone Ind .AS Financial Statements.

Kev Audit Matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone Ind AS Financial Statements tor the financial year ended 31*'' March, 202-JL These matters were addressed in the context of our audit of the Standalone Jnd AS Financial Statements as a whole, and informing our opinion thereon, and we do not provide a separate opinion on these matters. We have determined that there are no key audit matters to be communicated in our report.

i

Other Information

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 rot indude the Standalone Tnd AS Financial Statements and our auditor''s report tlicreon.

Our opinion on the Standalone Ind AS Financial Statements does not cover the other inlormation and we do not express any form of assurance conclusion thereon.

.n connection with Our audit ol the standalone Ind AS financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with die Standalone Ind AS Financial Statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Standalone Ind AS Financial Statements

I he Company''s Board of Directors is responsible for the matters stated in section 134(5) of tlie Act, with respect to the preparation of these Standalone Ind AS Financial Statements that • give a true and fair view of the financial position, financial performance, including other comprehensive income, changes in equity and cash flows of die Company in accordance with accounting principles generally accepted in India, including Indian Accounting Standards (Ind AS) prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, ns amended. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for saloguarding ot the assets of die Company and for preventing and detecting frauds and other irregularities; selection and application Df appropriate accounting policies; making judgments and estimates Quit are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, tliat were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of rhe standalone Ind AS financial statement that give a true amt lair view and are free from material misstatement, whether due to fraud or error.

In preparing the bid AS financial statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related lo going concern and using live going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to

do so.

The Board of Directors are also responsible for overseeing the company''s financial reporting

process.

Auditor''s Responsibilities for the Audit of Standalone Ind AS Financial Statement

•

Our objectives are to obtain reasonable assurance about whether the Standalone Ind AS 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 uol*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 arc considered material if, individually or in the aggregate, they could reasonably lx* expected to influence tlie economic decisions of users taken on the basis of these Standalone Ind AS Financial Statements.

A 1 wither description of the auditor''s responsibilities for Die audit of tlie Standalone Ind AS Financial Statements is included in Annexure A This description forms part of our auditor''s report

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Older"), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, 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. A. As required by $ectionl-13(3) of tire Act, we report that

a) We have sought and obtained all tlie information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;

b) lu our opinion, proper books of account as required by law have been kept by the C ompany, so far as it appears from our examination of those books except for tlie matters stated in die paragraph 2B(f) below on reporting under Rule 11(g) of die Companies (Audit and Auditors) Rules, 2014.;

c) Hie Standalone Balance Sheet the Standalone Statement of Profit and Loss (including Statement of Other Comprelrensive income), the Standalone Cash Flow Statement and the Standalone Statement of Changes in equity dealt with by this Report are in agreement with the books of account;

d> In our opinion, die aforesaid Standalone Ind AS Financial Statements comply with the ^5. Indian Accounting Standards specified under Section 133 of tire Act read with Companies (Indian Accounting Standards) Rules, 2015, as amended;

rh 1 • ^

Cl On the lMsis of die written representations received from die directors as on 31st March, 2021 taken on record by die Board of Directors, now of die directors is disqualified as on >1 st March, 2024 from being appointed as a director in terms of Section 161 (2) of the Act; 0 With respect to the adequacy of the Internal Financial Control with reference to these Standalone Ind AS Financial Statements of the Company and Kite operating effectiveness of such controls, refer to our separate Report in "Annexure C^v to this report;

^11,0 modifications relating to die maintenance of accounts mid other matters connected therewith are as stated in the paragraph 2A(b) above on reporting under Section 143f3)(b) of die Act and paragraph 2B(f) below on reporting under ''Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.

B. With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014 as amended, in our opinion and to ilie best of our information and according to die explanations given to us:

" ^,fhe Company has disclosed die impact of pending litigations on its financial position in its Standalone Ind AS Financial Statements. Note No. 43 of notes to accounts

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

There were no amounts which were required to be transferred to die Investor Kducation and Protection Fund by die Company.

iv>

i. The management has represented diat, to the best of its knowledge and belief, no funds have been advanced or loaned or invested (eiUier from borrowed funds or share premium or any other sources or kind of funds) by die Company to or in any oilier persons or entities, 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 mu- 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; n. The management has represented dint, to the best of its knowledge and belief, no hinds have been received by the Company from any persons or entities, including foreign entities ("Funding Parlies"), 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 anv guarantee, security or the like on behalf of the Ulbmate Beneficiaries; and

iii Based on such audit procedures performed that have been considered reasonable and appropriate in die circumstances, nothing lias come to our notice diat has caused us to believe that the representations under sub-clause (a) and (l>) contain any material misstatement

v) The Company has not paid interim dividend during die year.

rf) Based on our examination which included test checks, die Company luis used accounting software for maintaining its books of account, which have a feature ol recording audit trail (edit log) facility and the same has operated w.e.f. 13 June 2023 to " ^^{c>Jld Dl} y^ear f°^r all relevant transactions recorded in die respective software

nrh r r

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

C . With respect to the matter to L-e included in tire Auditor''s Report under Section 197(16) of the

In our opinion, the managerial remuneration for the year ended March 31, 202-1 has been paid/ prodded by the Company to their directors in accordance with the provisions of .section 197 read with Schedule V to the Act.

lor RAJ EE V KUMAR & COMPANY CHARTERED ACCOUNTANTS FRN: 000633C

PEACE: AUGARII CA RAjp^y KUMAR

DA r li: .30 MAY, 2024 PROPRIETOR

UD1N: 24®^±OaBKC0ML20^1. M.N0.070103

|''^c^Aligarh V

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Mar 31, 2023

Pavna Industries Limited

Report on the Standalone Ind AS Financial Statements

Opinion

We have audited the accompanying Standalone Ind AS Financial Statements of Pavna Industries Limited (“the Company”) which comprise the Balance Sheet as at March 31, 2023, the Statement of Profit and Loss (including the statement of Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and notes to standalone Ind AS 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 Ind AS Financial Statements give the information required by the Companies Act, 2013 as amended, (“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, 2023, its profit including other comprehensive income, its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the Standalone Ind AS Financial Statements in accordance with the Standards on Auditing (SAs), as 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 Ind AS 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 Ind AS 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 audit opinion on the Standalone Ind AS Financial Statements.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone Ind AS Financial Statements for the financial year ended 31^st March, 2023. These matters were addressed in the context of our audit of the Standalone Ind AS Financial Statements as a whole, and informing our opinion thereon, and we do not provide a separate opinion on these matters. We have determined that there are no key audit matters to be communicated in our report.

Other Information

The Company’s Board of Directors is responsible for the other information. The other information comprises the information included in the Board’s but does not include the Standalone Ind AS Financial Statements and our auditor’s report thereon.

Our opinion on the Standalone Ind AS 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 Ind AS 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 Ind AS Financial Statements or our knowledge obtained in the audit or otherwise appears to be

materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Standalone Ind AS 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 Ind AS Financial Statements that give a true and fair view of the financial position, financial performance, including other comprehensive income, changes in equity and cash flows of the Company in accordance with accounting principles generally accepted in India, including Indian Accounting Standards (Ind AS) prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and 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 standalone Ind AS financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Ind AS financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the company’s financial reporting process.

Auditor’s Responsibilities for the Audit of Standalone Ind AS Financial Statement

Our objectives are to obtain reasonable assurance about whether the Standalone Ind AS 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 Ind AS Financial Statements.

A further description of the auditor’s responsibilities for the audit of the Standalone Ind AS Financial Statements is included in Annexure A. This description forms part of our auditor’s report.

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 B a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by Section143(3) of the Act, we report hat:

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, in electronic mode on servers physically located in India so far as it appears from our examination of those books;

c) The Balance Sheet, the Statement of Profit and Loss including Statement of Other Comprehensive income, the Cash Flow Statement and the Statement of Changes in equity dealt with by this Report are in agreement with the books of account;

d) In our opinion, the aforesaid Standalone Ind AS Financial Statements comply with the Indian Accounting Standards specified under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015, as amended;

e) On the basis of the written representations received from the directors as on 31 st March, 2023 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2023 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 Control with reference to these Standalone Ind AS Financial Statements of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure C” to this report;

g) In our opinion and to the best of our information and according to the explanations given to us, the managerial remuneration paid for the year ended 31^st March, 2023 by the Company to its directors is in accordance with the provisions of section 197 read with Schedule V of the Act.

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 as amended, 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 pending litigations on its financial position in its Standalone Ind AS Financial Statements. Note No. 43 of notes to accounts

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

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

iv) a. The management has represented that, to the best of its knowledge and belief, other than as disclosed in Note- 34 of notes to 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 persons or entities, 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 its knowledge and belief, other than as disclosed in Note- 34 of notes to accounts, no funds have been received by the Company from any persons or entities, 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 such 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 the representations under sub-clause (a) and (b) contain any material misstatement.

v) The interim dividend paid by the company during the year is in accordance with section 123 of the Companies Act, 2013.

vi) As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable for the Company

only w.e.f. April 1, 2023, reporting under this clause is not applicable.

For RAJEEV KUMAR & COMPANY CHARTERED ACCOUNTANTS

-SD/-

PLACE: ALIGARH CA RAJEEV KUMAR

DATE: 30^th May, 2023 PROPRIETOR

UDIN: 23070103BGXUPE9810 FRN: 000633C

M.NO.070103