Signatureglobal (India) Ltd. இன் முடிவுகள்

Mar 31, 2025

1. We have audited the accompanying standalone financial
statements of Signatureglobal (India) Limited (‘the
Company’), which comprise the Standalone Balance
Sheet as at 31 March 2025, the Standalone Statement
of Profit and Loss (including Other Comprehensive
Income), the Standalone Statement of Cash Flow and
the Standalone Statement of Changes in Equity for the
year then ended, and notes to the standalone financial
statements, including material accounting policy
information and other explanatory information.

2. I n 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 Indian Accounting Standards (‘Ind
AS’) specified under section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules, 2015
and other accounting principles generally accepted in
India, of the state of affairs of the Company as at 31
March 2025, and its profit (including other comprehensive

income), its cash flows and the changes in equity for the
year ended on that date.

BASIS FOR OPINION

3. We conducted our audit in accordance with the
Standards on Auditing 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 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.

KEY AUDIT MATTERS

4. Key audit matters are those matters that, in our
professional judgment, 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.

5. We have determined the matters described below to be the key audit matters to be communicated in our report.

Key audit matter	How our audit addressed the key audit matter
Revenue recognition on sale of real estate properties
The Company applies Ind AS 115, Revenue from	Our audit procedures on revenue recognised from sale of
Contracts with Customers (Ind AS 115) for recognition	real estate properties included, but were not limited to the
of revenue from sale of real estate properties. Refer	following:
note 3(o) and 43 to the standalone financial statements for accounting policy and related disclosures.	• Evaluated the appropriateness of accounting policy for revenue recognition on sale of real estate properties in
Revenue is recognised upon transfer of control of the constructed units to customers for an amount which reflects the consideration the Company expects to receive in exchange for those units. The point of revenue recognition is normally when the intimation	terms of principles enunciated under Ind AS 115; • Assessed the management evaluation of determining revenue recognition from sale of units at a point in time in accordance with the requirements under Ind AS 115;
for the handover of unit to the customer is sent on	• Obtained and understood the revenue recognition
completion of the project, builder buyer agreement has	process, evaluated the design and tested operating
been executed and substantial collection has been	effectiveness of key controls over revenue recognition
received.	including determination of point of transfer of control and completion of performance obligations on a sample basis;

Key audit matter	How our audit addressed the key audit matter
Application of Ind AS 115 involves significant judgement	•	1 nspected, on a sample basis, underlying customer
in identifying performance obligations and determining		contracts and intimation of handover documents,
when ‘control’ of the units is transferred to the customer.		evidencing the transfer of control of the residential units
Considering the significance of management judgements and estimates involved and the materiality		to the customer based on which revenue is recognised at a point in time;
of amounts involved, aforementioned revenue	•	Visited sites during the year for selected projects to
recognition is identified as a key audit matter		understand the nature, status and progress of the projects;
	•	Selected projects on samples basis and tested various reconciliations, i.e., unit reconciliation, area reconciliation and sales value reconciliation as performed by the management;
	•	Tested unusual non-standard journal entries impacting revenue recorded during the year based on certain risk- based criteria, and
	•	Assessed the adequacy of disclosures included in the standalone financial statements in compliance with the requirements of Ind AS 115.
Revenue from construction contracts with related parties
The Company recognises revenue from construction	Our audit procedures in relation to revenue from construction
contracts with related parties over a period of time in	contracts with related parties included, but were not limited
accordance with Ind AS 115, Revenue from Contracts	to the following:
with Customers (Ind AS 115). Refer note 3(o) and 43 to the standalone financial statements for accounting policy and related disclosures.	•	Evaluated the appropriateness of accounting policy on revenue recognition for construction contracts with related parties in terms of principles enunciated under
The Company acts as a principal contractor for providing		Ind AS 115;
construction services to its subsidiary companies and another related party (Sarvpriya Securities Private Limited).	•	Evaluated the design and tested operating effectiveness of key controls around budgeting of project cost, approval of purchase orders, recording of actual cost,
The Company recognises revenue from construction contracts on the basis of stage of completion (input method) based on the proportion of contract costs incurred till reporting date to the total estimated costs of the contract at completion. The recognition of revenue is therefore dependent on estimates in relation to total estimated costs of each such contract, which is subject to inherent uncertainty as it requires ascertainment	•	raising of invoices and estimating the cost to complete the project; Assessed management evaluation of determining revenue recognition for contractual construction projects over a period of time in accordance with the requirements of Ind AS 115 and the process for determining probable expected losses on contracts;
of progress of the project, cost incurred till date and	•	On a sample basis, tested cost incurred and accrued
balance cost to be incurred to complete the project.		to date by examining underlying invoices and other
Significant judgments are also involved in determining		supporting documents;
when the underlying performance obligations are	•	Visited sites during the year for selected projects to
satisfied and in determining whether any contract		understand the nature, status and progress of the
has become onerous which required the Company to		projects;
record expected losses in respect of such contracts. Cost contingencies are included in these estimates to take into account specific risks of uncertainties, arising within each contract. These contingencies are reviewed by the Management on a regular basis throughout the life of the contract and adjusted where appropriate.	•	On a sample basis, reviewed management’s estimate of costs to complete projects determined basis internal budgeting process of the Company, and critically challenged estimates basis our understanding of the projects and historical accuracy of such estimates;

Key audit matter	How our audit addressed the key audit matter
Considering the significance of management judgements and estimates involved and the materiality of amounts involved, revenue from construction	•	Compared actual cost with budgeted cost to determine percentage of completion of the project; Assessed the professional competence and objectivity of the management’s experts and reviewed
contracts with related parties is identified as a key audit matter.	•
		management expert’s report on arm’s length analysis for related party transactions by involving an auditor’s
		expert and comparing such contracts with market
		available data;
	•	Tested unusual non-standard journal entries impacting revenue recorded during the year based on risk-based criteria; and
	•	Assessed the adequacy of disclosures included in the standalone financial statements in compliance with the requirements of Ind AS 115.
Recoverability of carrying value of Inventories, advances paid towards land procurement and deposits paid
under joint development arrangements (JDA)
Refer note 3(m), 3(g), 3(l) and 3(y) to the standalone	Our procedures in assessing the carrying value of the
financial statements for accounting policies on	inventories, land advances and deposits paid under joint
inventories, advances paid towards land procurement	development and collaboration agreements included, but
and deposits paid against joint development and	were not limited to the following:
collaboration agreements and note 10, 15 and 16 for related financial disclosures.	•	Evaluated the appropriateness of accounting policies with respect to inventories, land advances and deposits
As at 31 March 2025, the carrying value of the inventory		paid under joint development and collaboration
comprising of work in progress (including stock of units		agreements in terms of principles enunciated under
in completed projects) and stock at sites is '' 26,263.35 million, land advances is '' 68.20 million and deposits		applicable accounting standards;
paid against joint development and collaboration	•	Evaluated the design and tested operating effectiveness
agreements is '' 363.45 million, which represents a		of key controls related to testing of NRV/ net recoverable
significant portion of the Company’s total assets.		value vis-a-vis carrying amount of inventory, land
The inventories are carried at lower of cost and net		advances and deposits paid under joint development
realisable value (‘NRV’). The determination of the		and collaboration agreements;
NRV involves estimates based on prevailing market	•	Inquired with management to understand key
conditions and taking into account the estimated future		assumptions used in determination of the NRV/ net
selling price, cost to complete projects and selling costs.		recoverable value; and
Advances paid by the Company to the landowners towards outright purchase of land is recognised as land advance under other assets during the course of	•	Obtained and tested the computation of the NRV/ net recoverable value on a sample basis.
transferring the legal title to the Company after which it	For inventory balance:
is transferred to land stock under inventories. Further,	•	Obtained and assessed the Company’s methodology
deposits paid under joint development and collaboration		applied and assumptions used in assessing the net
arrangements are in the nature of non-refundable and/		realizable value based on current market conditions
or refundable deposits, for acquiring the development		and having regard to expected launch of the project,
rights. On the launch of the project, the non-refundable		project development plan and expected future sales
amount is transferred as land cost to work-in-progress.		less selling costs;
The aforesaid deposits and advances are carried at the	•	Compared the NRV to recent sales in the project or to
lower of the amount paid and net recoverable value, which is based on the management’s assessment		the estimated selling price;
including the expected date of commencement and	•	Compared the estimated construction costs to complete
completion of the project and the estimate of sale prices and construction costs of the project.		each project with the Company’s updated budgets;

Key audit matter	How our audit addressed the key audit matter
Due to the significance of the balance to the standalone	•	Where the management involved specialists to perform
financial statements as a whole and the involvement		valuations, evaluated the objectivity and independence
of estimates which require significant management		of those specialists and involved auditor’s experts to
judgement, recoverability of carrying value of		review the assumptions used by the management
inventory, land advances and deposits paid under joint		specialists; and
development and collaboration agreements is identified as a key audit matter.	•	For land stock, on a sample basis, obtained the fair valuation reports and reviewed the valuation methodology, key estimates and assumptions adopted in the valuation by involving auditor’s valuation experts.
	For land advances/ deposits paid under joint development and collaboration agreements:
	•	Obtained an update on the status of the land acquisition/ project progress from the management and verified the underlying documents for related developments to assess Company’s rights over the land parcels and evaluated management’s assessment of expected recoverability of land advances / deposits paid under joint development and collaboration agreements;
	•	Carried out external confirmation procedures on sample basis and alternative procedures wherever confirmations were not received to obtain evidence supporting the carrying value of land advance and deposits paid under joint development and collaboration agreements; and
	•	Assessed the adequacy of disclosures included in the standalone financial statements in compliance with the applicable accounting standards.
Impairment assessment of investments, loans and other balances receivable from its subsidiaries
Refer note 3(k) and 3(y) to the standalone financial	Our procedures in relation to the impairment assessment
statements for the accounting policies on the	of investments, loans and other balances receivable from
impairment assessment of the investments, loans	subsidiaries included, but not limited to the following:
and other balances (including trade receivables,		Assessed the appropriateness of the relevant accounting policies of the Company, including those relating to recognition and measurement of investments,
unbilled receivables and security deposits) receivable from its subsidiaries and note 39 for related financial disclosures.
		loans and other balances receivable by comparing with
As at 31 March 2025, the carrying value of investments		the applicable accounting standards;
in, loans extended to and other recoverable from the subsidiaries aggregates to '' 3,084.82 million, '' 8,606.50 million and '' 3,905.59 million respectively (net of impairment of '' 20.08 million, '' 25.78 million and '' 47.07 million on investments, loans and other	•	Obtained an understanding of the management process for identification of possible impairment indicators and process performed by the management for impairment testing in accordance with Ind AS 36 and Ind AS 109;
recoverable respectively).	•	Evaluated the design and tested operating effectiveness
Management reviews regularly whether there are any indicators of impairment as per the requirements under Ind AS 36 “Impairment of Assets” (Ind AS 36) and Ind		of Company’s key controls in respect of identification of impairment indicators and consequential impairment tests performed, wherever necessary;
AS 109 “Financial Instruments” (‘Ind AS 109’).	•	Assessed the valuation methods used, financial position of the subsidiaries to identify excess of their net assets over their carrying amount of investment by the Company and assessing profit history of those subsidiaries;

Key audit matter	How our audit addressed the key audit matter
Significant judgements are involved in determining	• Where the Company involved management’s expert
impairment/recoverability of the carrying value, which	to perform valuations, we also performed the following
includes assessment of conditions and financial	procedures:
indicators of the investee such as assessing net worth of investee, future business plans, upcoming projects and estimation of projected cash flow from the real estate projects in the underlying entities.	o Obtained and read the valuation report used by the management for determining the fair value (‘recoverable amount’);
Considering the materiality of carrying value of investments, loans, and other receivables from subsidiaries in the context of the Company’s standalone	o Considered the competence and objectivity of the management’s expert involved in determination of recoverable value; and
financial statements as a whole and significant degree	o Involved auditor’s experts to review the key
of judgement and subjectivity involved in the estimates	assumptions used by the management’s expert.
and key assumptions used in determining the cash flows used in the impairment evaluation, impairment assessment of investments, loans and other balances receivable from subsidiaries is considered to be the area of most significance to the audit and accordingly, has been identified as a key audit matter.	• Tested the assumptions and obtained understanding of the forecasted cash flows of subsidiaries based on our knowledge of the Company and the markets in which they operate and assessed the comparability of the forecasts with historical information. Traced such projections to approved business plans; and
	• Assessed the adequacy of disclosures included in the
	standalone financial statements in compliance with the applicable accounting standards.

INFORMATION OTHER THAN THE STANDALONE
FINANCIAL STATEMENTS AND AUDITOR’S
REPORT THEREON

6. The Company’s Board of Directors are responsible for
the other information. The other information comprises
the information included in the Annual Report, but
does not include the standalone financial statements
and our auditor’s report thereon. The Annual Report 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 become available
and, in doing so, consider whether the other information
is materially inconsistent with the standalone financial
statements or our knowledge obtained in the audit or
otherwise appears to be materially misstated.

When we read the Annual Report, if we conclude
that there is a material misstatement therein, we are
required to communicate the matter to those charged
with governance.

RESPONSIBILITIES OF MANAGEMENT AND

THOSE CHARGED WITH GOVERNANCE FOR THE

STANDALONE FINANCIAL STATEMENTS

7. The accompanying standalone financial statements have
been approved by the Company’s Board of Directors.
The Company’s Board of Directors are responsible
for the matters stated in section 134(5) of the Act with
respect to the preparation and presentation of these
standalone 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 Ind AS specified under section 133 of the Act
and other accounting principles generally accepted in
India. 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 financial statements
that give a true and fair view and are free from material
misstatement, whether due to fraud or error.

8. 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.

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

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT

OF THE STANDALONE FINANCIAL STATEMENTS

10. 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 Standards on Auditing 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.

11. As part of an audit in accordance with Standards
on Auditing, specified under section 143(10) of the
Act 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
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 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 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; and

• 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.

12. 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.

13. 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.

14. 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

15. As required by section 197(16) of the Act, based on our
audit, we report that the Company has paid remuneration
to its directors during the year in accordance with the
provisions of and limits laid down under section 197 read
with Schedule V to the Act.

16. As required by the Companies (Auditor’s Report) Order,
2020 (‘the Order’) issued by the Central Government of
India in terms of section 143(11) 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.

17. Further to our comments in Annexure A, as required by
section 143(3) of the Act based on our audit, we report,
to the extent applicable, 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 of
the accompanying standalone financial statements;

b) Except for the matters stated in paragraph 17(h)
(vi) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014
(as amended), 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 financial statements dealt
with by this report are in agreement with the
books of account;

d) In our opinion, the aforesaid standalone financial
statements comply with Ind AS specified under
section 133 of the Act;

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

f) The reservation relating to the maintenance of
accounts and other matters connected therewith
are as stated in paragraph 17(b), above on
reporting under section 143(3)(b) of the Act and
paragraph 17(h)(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 as on 31 March 2025
and the operating effectiveness of such controls,
refer to our separate report in Annexure B wherein
we have expressed unmodified opinion; and

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, as detailed in note 38 to the
standalone financial statements, has disclosed
the impact of pending litigations on its financial
position as at 31 March 2025;

ii. The Company did not have any long-term
contracts including derivative contracts for
which there were any material foreseeable
losses as at 31 March 2025;

iii. There were no amounts which were required
to be transferred to the Investor Education and
Protection Fund by the Company during the
year ended 31 March 2025;

iv. a. The management has represented that,

to the best of its knowledge and belief, as
disclosed in note 47C to the standalone
financial statements, no funds have
been advanced or loaned or invested
(either from borrowed funds or securities
premium or any other sources or kind of
funds) by the Company to or in any person
or entity, including foreign entities (‘the
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 (‘the Ultimate Beneficiaries’) or
provide any guarantee, security or the
like on behalf the Ultimate Beneficiaries;

b. The management has represented that,
to the best of its knowledge and belief, as
disclosed in note 47D to the standalone
financial statements, no funds have
been received by the Company from
any person or entity, including foreign
entities (‘the 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 as considered reasonable
and appropriate in the circumstances,
nothing has come to our notice that
has caused us to believe that the
management representations under
sub-clauses (a) and (b) above contain
any material misstatement.

v. The Company has not declared or paid
any dividend during the year ended 31
March 2025; and

vi. As stated in Note 46 to the standalone financial
statements and based on our examination
which included test checks except for
instances mentioned below, the Company, in
respect of financial year commencing on 1
April 2024, has used accounting software for
maintaining its books of account which have a
feature of recording audit trail (edit log) facility
and the same have 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
exceptions given below. Furthermore, except
for instances mentioned below, the audit trail
has been preserved by the Company as per
the statutory requirements for record retention.

Nature of exception noted	Details of exception
Instances of accounting software maintained by a third party where we are unable to comment on the audit trail feature at database level	The accounting software used for maintaining accounting records of the Company are operated by third party software service provider. The Independent Service Auditor’s Assurance Report on the Description of Controls, their Design and Operating Effectiveness’ (‘Type 2 report’) issued in accordance with ISAE 3402, Assurance Reports on Controls at a Service Organization) was available for part of the year. In the absence of any information on existence of audit trail (edit logs) for any direct changes made at the database level in the Type 2 report, we are unable to comment on whether the audit trail feature with respect to the database level of the said software was enabled and operated throughout the year.
Nature of exception noted	Details of exception
Instances of accounting software for maintaining books of account for which the feature of recording audit trail (edit log) facility was not operated for all relevant transactions recorded in the software	The audit trail logs in the accounting software used for maintenance of the customer and channel partners master are retained only for six months for any direct data changes made at the database level throughout the year, by the Company.
Instances of non-preservation of the audit trail	The audit trail logs in the accounting software used for maintenance of the customer and channel partners master are not preserved as per the statutory requirements for record retention for any direct data changes made at the database level.
	The audit trail logs preserved by the Company for the accounting software used for maintenance of payroll records for the period 1 August 2023 to 31 March 2024 does not include the details of who made the changes i.e., User Id and when the changes were made i.e., timestamp at the application level.

For Walker Chandiok & Co LLP

Chartered Accountants
Firm’s Registration No.: 001076N/N500013

Deepak Mittal

Partner

Place: Gurugram Membership No.: 503843

Date: 15 May 2025 UDIN: 25503843BMLCPW3274

---

Mar 31, 2024

1. We have audited the accompanying standalone financial statements of Signatureglobal (India) Limited (‘the Company’), which comprise the Balance Sheet as at 31 March 2024, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flow and the Statement of Changes in Equity for the year then ended, and notes to the standalone financial statements, including material accounting policy information and other explanatory information.

2. I n 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 Indian Accounting Standards (‘Ind AS’) specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2024, and its profit (including other comprehensive income), its cash flows and the changes in equity for the year ended on that date.

BASIS FOR OPINION

3. We conducted our audit in accordance with the Standards on Auditing 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 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.

KEY AUDIT MATTERS

4. Key audit matters are those matters that, in our professional judgment, 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.

5. We have determined the matters described below to be the key audit matters to be communicated in our report.

Key audit matter	How our audit addressed the key audit matter
Revenue from Construction Contracts with related parties
The Company recognises revenue over a period of Our audit procedures in relation to revenue from construction time in accordance with Ind AS 115, Revenue from contracts with related parties includes, but were not limited to the Contracts with Customers (Ind AS 115). Refer note following: 3(o) and 43 to the standalone financial statements for accounting policy and related disclosures. • Evaluated the appropriateness of accounting policy on revenue recognition for construction contracts with related The Company acts as a principal contractor for parties in terms of principles enunciated under Ind AS 115; providing construction services to its subsidiary Evaluated the design and tested operating effectiveness of companies and another related party (Sarvpriya key controls around budgeting of project cost, approval of Securities Private Li^nited). purchase orders, recording of actual cost, raising of invoices and estimating the cost to complete the project;

Key audit matter	How our audit addressed the key audit matter
The Company recognises revenue from construction	•	Assessed management evaluation of determining revenue
contracts on the basis of stage of completion (input		recognition for contractual construction projects over a period
method) based on the proportion of contract costs		of time in accordance with the requirements of Ind AS 115
incurred till reporting date to the total estimated		and the process for determining probable expected losses on
costs of the contract at completion. The recognition		contracts;
of revenue is therefore dependent on estimates in relation to total estimated costs of each such contract, which is subject to inherent uncertainty as it requires ascertainment of progress of the	•	On a sample basis, tested cost incurred and accrued to date by examining underlying invoices and other supporting documents;
project, cost incurred till date and balance cost to	•	Visited sites during the year for selected projects to
be incurred to complete the project.		understand the nature, status and progress of the projects;
Significant judgments are also involved in determining when the underlying performance obligations are satisfied and in determining whether any contract has become onerous which required the Company to record expected losses in respect	•	On a sample basis, reviewed management’s estimate of costs to complete projects determined basis internal budgeting process of the Company, and critically challenged estimates basis our understanding of the projects and historical accuracy of such estimates;
of such contracts. Cost contingencies are included	•	Compared actual cost with budgeted cost to determine
in these estimates to take into account specific risks		percentage of completion of the project;
of uncertainties, arising within each contract. These contingencies are reviewed by the Management on a regular basis throughout the life of the contract and adjusted where appropriate.	•	Reviewed management expert’s report on arm’s length analysis for related party transactions by involving an auditor’s expert and comparing such contracts with market available data;
Considering the significance of management	•	Tested unusual non-standard journal entries impacting
judgements and estimates involved and the		revenue recorded during the year based on risk-based
materiality of amounts involved, revenue from		criteria; and
construction contracts with related parties is identified as a key audit matter.	•	Assessed the adequacy of disclosures included in the standalone financial statements in compliance with the requirements of Ind AS 115.
Recoverability of carrying value of Inventories, advances paid towards land procurement and deposits paid
under joint development arrangements (JDA)
Refer note 3(m), 3(g), 3(l) and 3(y) to the	Our procedures in assessing the carrying value of the inventories,
standalone financial statements for accounting	land advances and deposits paid under joint development and
policies on inventories, advances paid towards	collaboration agreements included, but were not limited to the
land procurement and deposits paid against joint	following:
development and collaboration agreements and related financial disclosures.	•	Evaluated the appropriateness of accounting policies with respect to inventories, land advances and deposits paid
As at 31 March 2024, the carrying value of the inventory comprising of work in progress (including stock of units in completed projects) and stock at		under joint development and collaboration agreements in terms of principles enunciated under applicable accounting standards;
sites is '' 14,305.29 million, land advances is '' 34.50	•	Evaluated the design and tested operation of internal controls
million and deposits paid against joint development		related to testing of NRV/ net recoverable value vis-a-vis
and collaboration agreements is '' 939.48 million,		carrying amount of inventory, land advances and deposits
which represents a significant portion of the		paid under joint development and collaboration agreements;
Company’s total assets.	•	1 nquired with management to understand key assumptions used in determination of the NRV/ net recoverable value; and
	•	Obtained and tested the computation of the NRV/ net recoverable value on a sample basis.

Key audit matter How our audit addressed the key audit matter
The inventories are carried at lower of cost and net For inventory balance: realisable value (‘NRV’). The determination of the Obtained and assessed the Company’s methodology applied NRV involves estimates based on prevailing market and assumptions used in assessing the net realizable value conditions and taking into account the estimated based on current market conditions and having regard to future selling price, cost to complete projects and expected launch of the project, project development plan and selling costs. 3 expected future sales less selling costs; Advances paid by the Company to the landowners • Compared the NRV to recent sales in the project or to the towards outright purchase of land is recognised as estimated selling price; land advance under other assets during the course Compared the estimated construction costs to complete each of transferring the legal title to the Company after project with the Company’s updated budgets; and which it is transferred to land stock under inventories. Further, deposits paid under joint development and • Where the management involved specialists to perform collaborationarrangements are in the nature of non- valuations, evaluated the objectivity and independence refundable and/or refundable deposits, for acquiring of those specialists and involved experts to review the the development rights. On the launch of the project, assumptions used by the management specialists; the non-refundable amount is transferred as land # For land stock, on a sample basis, obtained the fair cost to work-in-progress. valuation reports and reviewed the valuation methodology, key estimates and assumptions adopted in the valuation by The aforesaid deposits and advances are carried at involving auditor’s valuation experts. the lower of the amount paid and net recoverable value which is based on the managements For land advances/ deposits paid under joint development and assessment including the expected date of collaboration agreements: commencement and completion of the project and the estimate of sale prices and construction costs obtained an update on the status of the land acquisition/ of the project. project progress from the management and verified the underlying documents for related developments to assess We identified the assessment towards recoverabi|ity Company’s rights over the land parcels and evaluated of carrying value of inventory, land advances management’s assessment of expected recoverability of and deposits paid under joint development and land advances / deposits paid under joint development and collaboration agreements as a key audit matter due collaboration agreements. to the significance of the balance to the standalone financial statements as a whole and the involvement • Carried out external confirmation procedures on sample basis of estimates which require significant management and alternative procedures wherever confirmations were not judgement. received to obtain evidence supporting the carrying value of land advance and deposits paid under joint development and collaboration agreements. Assessed the adequacy of disclosures included in the standalone financial statements in compliance with the applicable accounting standards.
Impairment assessment of investments, loans and other balances receivable from its subsidiaries
Refer note 3(k) and 3(y) to the standalone financial Our procedures in relation to the impairment assessment of
statements for the accounting policies on the investments, loans and other balances receivable from subsidiaries
impairment assessment of the investments, loans included, but not limited to the following:
and other balances (including trade receivables,
unbilled receivables and security deposits) •	Assessed the appropriateness of the relevant accounting
receivable from its subsidiaries and Note 39 for	policies of the Company, including those relating to
related financial disclosures.	recognition and measurement of investments by comparing
	with the applicable accounting standards;

Key audit matter How our audit addressed the key audit matter
As at 31 March 2024, the carrying value of •	Obtained an understanding of the management process for
investments in, loans extended to and other	identification of possible impairment indicators and process
recoverable from the subsidiaries aggregates to	performed by the management for impairment testing;
'' 2,737.32 million, '' 7,911.45 million and '' 2,433.80 • million respectively (net of impairment of '' 20.08 million and '' 22.10 million on investments and other	Evaluated the design and implementation of Company’s key financial controls in respect of impairment and recoverability assessment and tested the operating effectiveness of such
recoverable respectively).	controls with respect to identification of impairment indicators
Management reviews regularly whether there are	and consequential impairment tests performed, wherever
any indicators of impairment as per the requirements	necessary.
under Ind AS 36 “Impairment of Assets”. •	Assessed the valuation methods used, financial position of the subsidiaries to identify excess of their net assets over
Significant judgements are involved in determining	their carrying amount of investment by the Company and
impairment/recoverability of the carrying value, which	assessing profit history of those subsidiaries;
includes assessment of conditions and financial indicators of the investee such as assessing net worth of investee, future business plans, upcoming	Where the Company involved specialists to perform valuations, we also performed the following procedures:
projects and estimation of projected cash flow from	o Obtained and read the valuation report used by the
the real estate projects in the underlying entities.	management for determining the fair value (‘recoverable amount’);
Considering the materiality of carrying value of investments, loans, and other receivables from subsidiaries in the context of the Company’s	o Considered the competence and objectivity of the specialist involved in determination of value; and
standalone financial statements as a whole and	o Involved experts to review the key assumptions used by
significant degree of judgement and subjectivity involved in the estimates and key assumptions used in determining the cash flows used in the impairment evaluation, impairment assessment of investments, loans and other balances receivable from subsidiaries is considered to be the area of most significance to the audit and accordingly, has been considered as a key audit matter for the	the management specialists. Tested the assumptions and understanding the forecasted cash flows of subsidiaries based on our knowledge of the Company and the markets in which they operate and assessed the comparability of the forecasts with historical information. Traced such projections to approved business plans;
current year audit. •	Assessed the adequacy of disclosures included in the standalone financial statements in compliance with the applicable accounting standards.

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITOR’S REPORT THEREON

6. The Company’s Board of Directors are responsible for the other information. The other information comprises the information included in the Annual Report but does not include the standalone financial statements and our auditor’s report thereon. The Annual Report 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 in the audit or otherwise appears to be materially misstated.

When we read the Annual Report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance.

RESPONSIBILITIES OF MANAGEMENT AND THOSE CHARGED WITH GOVERNANCE FOR THE STANDALONE FINANCIAL STATEMENTS

7. The accompanying standalone financial statements have been approved by the Company’s Board of Directors.

The Company’s Board of Directors are responsible for the matters stated in section 134(5) of the Act with respect to the preparation and presentation of these standalone 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 Ind AS specified under section 133 of the Act and other accounting principles generally accepted in India. 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 financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

8. 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.

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

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT

OF THE STANDALONE FINANCIAL STATEMENTS

10. 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 Standards on Auditing 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.

11. As part of an audit in accordance with Standards on Auditing, specified under section 143(10) of the

Act 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 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 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 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; and

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.

12. 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.

13. 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.

14. 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

15. As required by section 197(16) of the Act based on our audit, we report that the Company has paid remuneration to its directors during the year in accordance with the provisions of and limits laid down under section 197 read with Schedule V to the Act.

16. As required by the Companies (Auditor’s Report) Order, 2020 (‘the Order’) issued by the Central Government of India in terms of section 143(11) 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.

17. Further to our comments in Annexure A, as required by section 143(3) of the Act based on our audit, we report, to the extent applicable, 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 of the accompanying standalone financial statements;

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 17(h)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended),

c) The standalone financial statements dealt with by this report are in agreement with the books of account;

d) In our opinion, the aforesaid standalone financial statements comply with Ind AS specified under section 133 of the Act;

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

f) The modification relating to the maintenance of accounts and other matters connected therewith are as stated in paragraph 17(b) above on reporting under section 143(3)(b) of the Act and paragraph 17(h)(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 as on 31 March 2024 and the operating effectiveness of such controls, refer to our separate report in Annexure B, wherein we have expressed an unmodified opinion; and

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, as detailed in note 38 to the standalone financial statements, has disclosed the impact of pending litigations on its financial position as at 31 March 2024;

ii. the Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses as at 31 March 2024;

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company during the year ended 31 March 2024;

iv. a. The management has represented

that, to the best of its knowledge and belief, as disclosed in note 47C to the

standalone financial statements, no funds have been advanced or loaned or invested (either from borrowed funds or securities premium or any other sources or kind of funds) by the Company to or in any person or entity, including foreign entities (‘the 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 (‘the Ultimate Beneficiaries’) or provide any guarantee, security or the like on behalf the Ultimate Beneficiaries;

b. The management has represented that, to the best of its knowledge and belief, as disclosed in note 47D to the standalone financial statements, no funds have been received by the Company from any person or entity, including foreign entities (‘the 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 as considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the management representations under sub-clauses (a) and (b) above contain any material misstatement.

v. The Company has not declared or paid

any dividend during the year ended 31

March 2024; and;

vi. As stated in Note 46 to the standalone financial statements and based on our examination which included test checks, the Company, in respect of financial year commencing on 1 April 2023, has used accounting software for maintaining its books of account which have a feature of recording audit trail (edit log) facility and the same have been operated throughout the year for all relevant transactions recorded in the software, except for instance mentioned below:

The accounting software used for maintaining accounting records and customer and channel partner masters of the Company are operated by third-party software service providers. The ‘Independent Service Auditor’s Assurance Report on the Description of Controls, their Design and Operating Effectiveness’ (‘Type 2 report’ issued in accordance with ISAE 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information)’ were available for part of the year. These reports do not provide sufficient audit evidence on audit trail (edit logs) for any direct changes made at the database level. Accordingly, we are unable to comment on whether audit trail feature with respect to the database of the said software were enabled and operated throughout the year.

Further, during the course of our audit, we did not come across any instance of audit trail feature being tampered with, in respect of the accounting software where such feature is enabled.

For Walker Chandiok & Co LLP

Chartered Accountants Firm’s Registration No.: 001076N/N500013

Deepak Mittal

Partner

Place: Gurugram Membership No.: 503843

Date: 15 May 2024 UDIN: 24503843BKFAPB4161

---

Mar 31, 2023

Signatureglobal (India) Limited (formerly Signatureglobal (India) Private Limited)

Report on the Audit of the Standalone Financial Statements

Opinion

1.    We have audited the accompanying standalone financial statements of Signatureglobal (India) Limited (‘the Company') (formerly Signatureglobal (India) Private Limited), which comprise the Balance Sheet as at 31 March 2023, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flow and the Statement of Changes in Equity for the year then ended, and notes to the standalone financial statements, including a summary of the significant accounting policies and other explanatory information.

2.    In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 (‘the Act') in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards (‘Ind AS') specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2023, and its loss (including other comprehensive income), its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

3.    We conducted our audit in accordance with the Standards on Auditing 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 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.

Information other than the Financial Statements and Auditor’s Report thereon

1. The Company's Board of Directors are responsible for the other information. Other information does not include the standalone 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 in the audit or otherwise appears to be materially misstated.

The Director's Report is not made available to us at the date of this auditor's report. We have nothing to report in this regard.

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

5. The accompanying standalone financial statements have been approved by the Company’s Board of Directors. The Company’s Board of Directors are responsible for the matters stated in section 134(5) of the Act with respect to the preparation and presentation of these standalone 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 Ind AS specified under section 133 of the Act and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting

records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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

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

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

8.    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 Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

9.    As part of an audit in accordance with Standards on Auditing, specified under section 143(10) of the Act 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 adequate internal financial controls with reference to 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 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 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; and

•    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.

10.    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.

Report on Other Legal and Regulatory Requirements

11.    As required by section 197(16) of the Act based on our audit, we report that the Company has paid remuneration to its directors during the year in accordance with the provisions of and limits laid down under section 197 read with Schedule V to the Act.

12.    As required by the Companies (Auditor’s Report) Order, 2020 (‘the Order¹) issued by the Central Government of India in terms of section 143(11) 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.

13. Further to our comments in Annexure A, as required by section 143(3) of the Act based on our audit, we report, to the

extent applicable, 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 of the accompanying standalone financial statements;

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 financial statements dealt with by this report are in agreement with the books of account;

d)    In our opinion, the aforesaid standalone financial statements comply with Ind AS specified under section 133 of the Act;

e)    On the basis of the written representations received from the directors and taken on record by the Board of Directors, none of the directors is disqualified as on 31 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 controls with reference to financial statements of the Company as on 31 March 2023 and the operating effectiveness of such controls, refer to our separate Report in Annexure B wherein we have expressed an unmodified opinion; and

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

i.    the Company, as detailed in note 38 to the standalone financial statements, has disclosed the impact of pending litigations on its financial position as at 31 March 2023;

ii.    the Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses as at 31 March 2023;

iii.    There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company during the year ended 31 March 2023;

iv.

a.    The management has represented that, to the best of its knowledge and belief, as disclosed in note 46C to the standalone financial statements, no funds have been advanced or loaned or invested (either from borrowed funds or securities premium or any other sources or kind of funds) by the Company to or in any person or entity, including foreign entities (‘the 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 (‘the Ultimate Beneficiaries') or provide any guarantee, security or the like on behalf the Ultimate Beneficiaries;

b.    The management has represented that, to the best of its knowledge and belief, as disclosed in note 46D to the standalone financial statements, no funds have been received by the Company from any person or entity, including foreign entities (‘the 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 as considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the management representations under sub-clauses (a) and (b) above contain any material misstatement.

v.    The Company has not declared or paid any dividend during the year ended 31 March 2023; and

vi.    Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 requires all companies which use accounting software for maintaining their books of account, to use such an accounting software which has a feature of audit trail, with effect from the financial year beginning on 1 April 2023 and accordingly, reporting under Rule

11(g) of Companies (Audit and Auditors) Rules, 2014 (as amended) is not applicable for the current financial year.

For Walker Chandiok & Co LLP

Chartered Accountants

Firm’s Registration No.: 001076N/N500013

Deepak Mittal

Partner

Membership No.: 503843

UDIN: 23503843BGUTCW9390

Place: Gurugram Date: 21 June 2023