We have audited the accompanying Financial Statements
of "SUNLITE RECYCLING INDUSTRIES LIMITED" (the
Company) having CIN: L27200GJ2022PLC134540, which
comprise the Balance Sheet as at March 31, 2026, the
Statement of Profit and Loss and the Statement of Cash
Flows for the year ended and a summary of significant
accounting policies and other explanatory information
(hereinafter referred to as the "Standalone Financial
Statements".)

In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
Financial Statements give the information required by
the Companies Act, 2013 (the Act) in the manner so
required and give a true and fair view in conformity with
the accounting Standards Specified under Section 133 of
the Act read with the Companies (Accounting Standard)
Rules, 2021 ("AS") and other accounting principles
generally accepted in India, of the state of affairs of the
Company as at March 31,2026, and its profit and its cash
flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the Financial Statements in
accordance with the Standards on Auditing specified
under Section 143(10) of the Companies Act, 2013.
Our responsibilities under those Standards are further
described in the Auditor''s Responsibility for the audit
of the 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 made thereunder and we have fulfilled our
other ethical responsibilities in accordance with these
requirements and the ICAI''s Code of Ethics. We believe
that the audit evidence obtained by us is sufficient and
appropriate to provide a basis for our audit opinion on
the 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 financial statements of the current period.
These matters were addressed in the context of our audit
of the Financial Statements as a whole and in forming
our opinion thereon and we do not provide a separate
opinion on these matters.

1. Accounting and valuation of investment in Sunlite
Aluminium Private Limited

Refer to Note 13 to the standalone financial statements

During the year ended March 31, 2026, the Company
acquired 100% equity shares of Sunlite Aluminium
Private Limited ("SAPL") on February 6, 2026, pursuant
to which SAPL became a subsidiary of the Company.
The acquisition involved cash consideration and issue of
equity shares pursuant to a share-swap arrangement.

The accounting for the investment in SAPL required
significant auditor attention due to the size and nature
of the transaction, the related party considerations
and the judgements involved in determining the
appropriate accounting treatment and presentation of
the investment in the standalone financial statements.
The transaction also resulted in significant related party
disclosures in the standalone financial statements.

We considered the accounting and valuation of the
investment in SAPL to be a key audit matter because
of the significance of the transaction to the standalone
financial statements and the extent of audit effort
required to evaluate the underlying transaction,
consideration transferred and related disclosures.

How our audit addressed the Key Audit Matter

1. We obtained and reviewed the relevant documents
and evaluated the key terms and conditions of the
transaction.

2. We verified the consideration transferred, including
cash consideration and equity shares issued
pursuant to the share-swap arrangement, with
supporting documents, approvals and relevant
corporate records.

3. We evaluated the accounting treatment and carrying
value of the investment, including management''s
assessment of impairment indicators, with reference
to the applicable financial reporting framework.

4. We assessed the completeness and adequacy of
the related disclosures, including the acquisition,
investment and related party disclosures, in the
standalone financial statements.

2. Revenue recognition

Refer to Note 20 to the standalone financial
statements

Revenue from operations amounted to
approximately ?2,764.72 crore for the year ended
March 31, 2026, and represents a significant
component of the Company''s financial performance.
The Company undertakes a high volume of sales
transactions primarily relating to copper and other
non-ferrous metal products. During the year, the
Company experienced significant growth in revenue
and sales volumes.

Revenue recognition was considered to be a
matter of significant auditor attention due to the
magnitude and volume of transactions and the
risk associated with the timing of recognition of
revenue, particularly in respect of transactions
occurring close to the reporting date.

We considered revenue recognition to be a key audit
matter because of its significance to the standalone
financial statements and the risk that revenue
could be recognised in an inappropriate accounting
period.

How our audit addressed the matter

1. We obtained an understanding of the Company''s
revenue recognition process and evaluated the
design and implementation of relevant internal
controls over revenue recognition.

2. We tested revenue transactions, including domestic
and export sales, on a sample basis by agreeing
them with sales invoices, customer orders, dispatch
and shipping documents and other relevant
supporting documentation, including assessment
of the contractual terms governing transfer of
control.

3. We performed cut-off testing for domestic and
export sales recorded before and after the reporting
date and assessed whether revenue was recognised
in the appropriate accounting period, including
transactions where goods were in transit at year
end.

4. We performed substantive analytical procedures
over revenue, including analysis of domestic and
export sales by product, customer and period, and
assessed sales returns, credit notes and subsequent
realisations to identify unusual or inappropriate
revenue recognition.

Emphasis of Matter

We draw attention to Note 45 to the standalone financial

statements, which states that during the year, the

Company acquired 100% of the equity share capital of

Sunlite Aluminium Private Limited, pursuant to which
Sunlite Aluminium Private Limited became a wholly
owned subsidiary of the Company with effect from
February 6, 2026.

Our opinion is not modified in respect of this matter.

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

The Board of Directors of the Company is responsible for
the other information. The other information comprises
the information included in the operational highlights,
Directors'' Report and its annexure, Management
Discussion and Analysis, Business Responsibility Report,
Corporate Governance and Shareholder''s information
and performance trend, but does not include the
Standalone Financial Statements and our Auditor''s
Report thereon. These reports are expected to be made
available to us after the date of auditor''s report.

Our opinion on the 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 Financial Statements,
our responsibility is to read the other information and,
in doing so, consider whether the other information is
materially inconsistent with the Financial Statements
or our knowledge obtained during the course of our
audit or otherwise appears to be materially misstated.
If, based on the work we have 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 the Management and Those Charged
with Governance for the Standalone Financial Statements

The Board of Directors of the Company is responsible
for the matters stated in Section 134(5) of the Act with
respect to the preparation of these Financial Statements
that give a true and fair view of the financial position,
financial performance and cash flows of the company
in accordance with the accounting principles generally
accepted in India, including the Accounting Standards
specified under section 133 of the act.

This responsibility also includes maintenance of
adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of
the Company and for preventing and detecting frauds
and other irregularities, selection and application of
appropriate accounting policies, making judgements
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.

In preparing the Standalone Financial Statements, the
Management is responsible for assessing the ability of
the Company to continue as a going concern, disclosing,
as applicable, matters related to going concern and
using the going concern basis of accounting unless
the Management is of the opinion to either 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 the Standalone
Financial Statements

Our objectives are to obtain reasonable assurance about
whether the Standalone Financial Statements as a whole
are free from material misstatement, whether due
to fraud or error and to issue an Auditor''s Report that
includes our opinion which gives reasonable assurance.
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 can reasonably be expected to influence
the economic decisions of users taken on the basis of
these Standalone Financial Statements.

As part of an audit in accordance with SAs, we exercise
professional judgement and maintain professional
skepticism throughout the audit. We also: -

• Identify and assess the risks ofmaterial 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 financial
control relevant to the audit in order to design
audit procedures that are appropriate in the
circumstances. Under Section 143(3)(i) of the Act,
we are also responsible for expressing our opinion
on whether the Company has adequate internal
financial controls system in place and the operating
effectiveness of such controls.

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

Management.

• Conclude on the appropriateness of use of the going
concern basis of accounting by the Management
and based on the audit evidence obtained, whether
a material uncertainty exists related to events
or conditions that may cast significant doubt on
the ability of the Company to continue as a going
concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our
Auditor''s Report to the related disclosures in
the Standalone Financial Statements or, if such
disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence
obtained up to the date of our Auditor''s Report.
However, future events or conditions may cause the
Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and
content of the Standalone Financial Statements,
including the disclosures and whether the
Standalone Financial Statements represent the
underlying transactions and events in a manner
that achieves fair presentation.

• Obtain sufficient appropriate audit evidence
regarding the financial information of the Company
to express an opinion on the Financial Statements.

Materiality is the magnitude of misstatements in the
Standalone Financial Statements that individually or
in aggregate, makes it probable that the economic
decisions of a reasonably knowledgeable user of the
Standalone Financial Statements may be influenced.
We consider quantitative materiality and qualitative
factors in (i) planning the scope of our audit work and in
evaluating the results of our work and (ii) to evaluate the
effect of any identified misstatements in the Standalone
Financial Statements.

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

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

From the matters communicated with those charged
with governance, we determine those matters that
were of most significance in the audit of the 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 must
not be communicated in our report because the adverse
consequences of doing so will reasonably be expected
to outweigh the public interest benefits of such
communication.

Report on Other Legal and Regulatory Requirements

• As required by Section 143(3) of the Act, we report
that:

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

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

c. The Balance Sheet, the Statement of Profit and Loss
and the Statement of Cash Flows dealt with by this
Report are in agreement with the books of account.

d. In our opinion, the aforesaid Standalone Financial
Statements comply with the Accounting Standards
specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.

e. On the basis of the written representations received
from the directors as on March 31, 2026, taken
on record by the Board of Directors, none of the
director is disqualified as on March 31, 2026, 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 standalone financial
statements of the Company and the operating
effectiveness of such controls, refer to our separate
Report in "Annexure A". Our report expresses an
unmodified opinion on the adequacy and operating
effectiveness of the internal financial controls with
reference to standalone financial statements.

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 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:

1) The Company has disclosed the impact of pending

litigations on its financial position in its Standalone
Financials Statements- Refer Note 40 of the Notes
forming Part of Standalone Financial Statements.

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

3) The Company is not liable to transfer any amounts,
required to be transferred, to the Investor Education
and Protection Fund by the Company during the
year ended March 31,2026.

4)

i. The Management has represented that, to the best
of its knowledge and belief, no funds (which are
material either individually or in the aggregate)
have been advanced or loaned or invested (either
from borrowed funds or share premium or any
other sources or kind of funds) by the Company to
or in any other person or entity, including foreign
entity ("Intermediaries"), with the understanding,
whether recorded in writing or otherwise, that the
Intermediary shall, whether, directly or indirectly
lend or invest in other persons or entities identified
in any manner whatsoever by or on behalf of the
Company ("Ultimate Beneficiaries") or provide any
guarantee, security or the like on behalf of the
Ultimate Beneficiaries;

ii. The Management has represented, that, to the best
of its knowledge and belief, no funds (which are
material either individually or in the aggregate) have
been received by the Company from any person or
entity, including foreign entity ("Funding Parties"),
with the understanding, whether recorded in writing
or otherwise, that the Company shall, whether,
directly or indirectly, lend or invest in other persons
or entities identified in any manner whatsoever
by or on behalf of the Funding Party ("Ultimate
Beneficiaries") or provide any guarantee, security or
the like on behalf of the Ultimate Beneficiaries;

iii. Based on the 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
misstatement.

5) 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.

The Company has not declared or paid any dividend

Companies (Audit and Auditors) Rules, 2014 is
compiled till our date of audit report.

As required by the Companies (Auditor''s Report)
Order, 2020 (the Order), issued by the Central
Government in terms of Section 143(11) of the Act,
we give in Annexure B, a statement on the matters
specified in paragraphs 3 and 4 of the Order.

We have audited the accompanying Financial Statements
of "SUNLITE RECYCLING INDUSTRIES LIMITED''" (the
Company) having CIN: L27200GJ2022PLC134540, which
comprise the Balance Sheet as at March 31, 2025, the
Statement of Profit and Loss and the Statement of Cash
Flows for the year ended and a summary of significant
accounting policies and other explanatory information
(hereinafter referred to as the "Standalone Financial
Statements".

In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
Financial Statements give the information required by
the Companies Act, 2013 (the Act) in the manner so
required and give a true and fair view in conformity with
the accounting principles generally accepted in India, of
the state of affairs of the Company as at March 31, 2025,
and its profit and its cash flows for the year ended on
that date.

Basis for Opinion

We conducted our audit of the Financial Statements in
accordance with the Standards on Auditing specified
under Section 143(10) of the Act (SAs). Our responsibilities
under those Standards are further described in the
Auditor''s Responsibility for the audit of the 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 made thereunder
and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the ICAI''s Code
of Ethics. We believe that the audit evidence obtained by
us is sufficient and appropriate to provide a basis for our
audit opinion on the Financial Statements.

Emphasis of Matter

We draw attention to Note 39 to the accompanying
Statement, describing the Search operations carried
out by the Income tax authorities at premises of the
Company in February 2025. Pending completion of the
search proceedings, the consequent impact on the
financial statements for the year ended 31 March 2025
if any, is currently not ascertainable. Our opinion is not
modified in respect of this matter.

Key Audit Matters

Key audit matter is the matter that, in our professional
judgement, was of most significance in our audit of
the Financial Statements of the current period. This
matter was addressed in the context of our audit of
the Financial Statements as a whole and in forming
our opinion thereon and we do not provide a separate
opinion on this matter.

In conducting our audit, we have thoroughly reviewed
all purchase and sales transactions, including imports
and exports, ensuring compliance with applicable
tax regulations and accounting standards such as
AS 9 (Revenue Recognition). We performed detailed
checks on supporting documentation such as invoices,
contracts, and shipping records, confirming the
accuracy and completeness of reported transactions.
Additionally, we reviewed the corresponding import
and export documents, ensuring proper currency
conversion and accurate journal entries for each
transaction, in line with AS 11 (The Effects of Changes
in Foreign Exchange Rates). This review also included
an examination of foreign exchange rates used,
reconciling the amounts to the general ledger. Based
on our procedures and to the best of the information
provided to us we found the documentation and entries
to be in order, ensuring proper accounting treatment
in accordance with the relevant accounting standards.

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

The Board of Directors of the Company is responsible
for the other information. The other information
comprises the information included in the operational
highlights, Directors'' Report and its annexure,
Management Discussion and Analysis, Business
Responsibility Report, Corporate Governance and
Shareholder''s information and performance trend, but
does not include the Standalone Financial Statements
and our Auditor''s Report thereon. These reports are
expected to be made available to us after the date of
auditor''s report.

Our opinion on the 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 Financial Statements,
our responsibility is to read the other information and,
in doing so, consider whether the other information is
materially inconsistent with the Financial Statements
or our knowledge obtained during the course of our
audit or otherwise appears to be materially misstated.

If, based on the work we have 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.

Management''s Responsibility for the Financial
Statements

The Board of Directors of the Company is responsible
for the matters stated in Section 134(5) of the Act
with respect to the preparation of these Financial
Statements that give a true and fair view of the financial
position, financial performance and cash flows of the
Company in accordance with the accounting principles
generally accepted in India. This responsibility also
includes maintenance of adequate accounting
records in accordance with the provisions of the Act
for safeguarding the assets of the Company and for
preventing and detecting frauds and other irregularities,
selection and application of appropriate accounting
policies, making judgements 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.

In preparing the Financial Statements, the Management
is responsible for assessing the ability of the Company
to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going
concern basis of accounting unless the Management
is of the opinion to either 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 the
Standalone Financial Statements

Our objectives are to obtain reasonable assurance about
whether the Standalone Financial Statements as a whole
are free from material misstatement, whether due to
fraud or error and to issue an Auditor''s Report that
includes our opinion which gives reasonable assurance.
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 can reasonably be expected to
influence the economic decisions of users taken on the
basis of these Standalone Financial Statements.

As part of an audit in accordance with SAs, we exercise
professional judgement and maintain professional

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

• Conclude on the appropriateness of use of the going
concern basis of accounting by the Management
and based on the audit evidence obtained, whether
a material uncertainty exists related to events
or conditions that may cast significant doubt on
the ability of the Company to continue as a going
concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our
Auditor''s Report to the related disclosures in
the Standalone Financial Statements or, if such
disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence
obtained up to the date of our Auditor''s Report.
However, future events or conditions may cause the
Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and
content of the Standalone Financial Statements,
including the disclosures and whether the
Standalone Financial Statements represent the
underlying transactions and events in a manner
that achieves fair presentation.

• Obtain sufficient appropriate audit evidence
regarding the financial information of the Company
to express an opinion on the Financial Statements.

Materiality is the magnitude of misstatements in the

Standalone Financial Statements that individually or

in aggregate, makes it probable that the economic
decisions of a reasonably knowledgeable user of the
Standalone Financial Statements may be influenced.
We consider quantitative materiality and qualitative
factors in (i) planning the scope of our audit work and in
evaluating the results of our work and (ii) to evaluate the
effect of any identified misstatements in the Standalone
Financial Statements.

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

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

From the matters communicated with those charged
with governance, we determine those matters that
were of most significance in the audit of the 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 must
not be communicated in our report because the adverse
consequences of doing so will reasonably be expected
to outweigh the public interest benefits of such

communication.

Report on Other Legal and Regulatory Requirements

As required by Section 143(3) of the Act, we report that:

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

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

c) The Balance Sheet, the Statement of Profit and
Loss and the Statement of Cash Flows dealt with
by this Report are in agreement with the books of
account.

d) In our opinion, the aforesaid Standalone Financial
Statements comply with the Accounting Standards
specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.

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

f) With respect to the adequacy of the internal
financial controls with reference to standalone
financial statements of the Company and the
operating effectiveness of such controls, refer to
our separate Report in "Annexure A". Our report
expresses an unmodified opinion on the adequacy
and operating effectiveness of the internal
financial controls with reference to standalone
financial statements.

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 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:

1) The Company has disclosed the impact of

pending litigations on its financial position
in its Standalone Financials Statements-
Refer Note 37 of the Notes forming Part of
Standalone Financial Statements.

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

3) The Company is not liable to transfer any
amounts, required to be transferred, to the
Investor Education and Protection Fund by
the Company during the year ended March 31,
2025.

4) i) The Management has represented that, to
the best of its knowledge and belief, no funds
(which are material either individually or in
the aggregate) have been advanced or loaned
or invested (either from borrowed funds or
share premium or any other sources or kind
of funds) by the Company to or in any other
person or entity, including foreign entity
("Intermediaries"), with the understanding,
whether recorded in writing or otherwise,
that the Intermediary shall, whether, directly
or indirectly lend or invest in other persons or
entities identified in any manner whatsoever
by or on behalf of the Company ("Ultimate
Beneficiaries") or provide any guarantee,
security or the like on behalf of the Ultimate
Beneficiaries;

ii) The Management has represented, that, to
the best of its knowledge and belief, no funds
(which are material either individually or in
the aggregate) have been received by the
Company from any person or entity, including
foreign entity ("Funding Parties"), with the
understanding, whether recorded in writing or
otherwise, that the Company shall, whether,
directly or indirectly, lend or invest in other
persons or entities identified in any manner
whatsoever by or on behalf of the Funding
Party ("Ultimate Beneficiaries") or provide any
guarantee, security or the like on behalf of the
Ultimate Beneficiaries;

iii) Based on the 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 misstatement.

5) As stated in Notes to the standalone financial

to the Company with effect from April 1, 2023,
and accordingly, reporting under Rule 11(g) of
Companies (Audit and Auditors) Rules, 2014 is
compiled till our date of audit report.

As required by the Companies (Auditor''s Report) Order,
2020 (the Order), issued by the Central Government in
terms of Section 143(11) of the Act, we give in Annexure
B, a statement on the matters specified in paragraphs 3
and 4 of the Order.