Austin Engineering Company Ltd Auditor Reports

TO

THE MEMBERS OF

AUSTIN ENGINEERING COMPANY LIMITED Junagadh.

Report on the Standalone Ind AS Financial Statements

Opinion

1. We have audited the accompanying standalone Ind AS financial statements of M/s. Austin Engineering Company Limited, Junagadh (L27259GJ1978PLC003179) (the "Company"), which comprise the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss, the Statement of Other Comprehensive Income, the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date, and a summary of the significant accounting policies and other explanatory information (hereinafter referred to as

"the standalone Ind AS financial statements").

2. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS financial statements give the information required by the Companies Act, 2013 (the "Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024, the Profit ,total comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

1. We conducted our audit of the standalone Ind AS financial statements in accordance with the Standards on Auditing specified under section 143(10) of the Act (the "SAs"). Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Standalone Ind AS Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (the "ICAI") together with the independence requirements that are relevant to our audit of the standalone Ind AS financial statements under the provisions of the Act and the Rules made there under and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAIs Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone Ind AS financial statements.

Key Audit Matters

1. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements for the financial year ended March 31, 2024. 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. For each matter below, our description of how our audit addressed the matter is provided in that context.

2. We have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled the responsibilities described in the Auditors responsibilities for the audit of the financial statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying financial statements.

a) Completeness of revenue

a) Completeness of revenue
Key audit matters	How our audit addressed the key audit matter
The Company has revenue from sale of products which includes finished goods and scrap sales. The Company is engaged in manufacturing of forged and machined bearing rings and automotive components as per specification provided by the customers and based on the schedules from the customers.	We performed the following audit procedures, amongst others:
The Company recognizes revenue from sale of goods at a point in time when control of the goods is transferred to the customer, based on the terms of the contract with customers which varies for each customer. Determination of point in time includes assessment of timing of transfer of significant risk and rewards of ownership, establishing the present right to receive payment for the products, delivery specifications including Inco terms, timing of transfer of legal title of the asset and determination of the point of acceptance of goods by customer. Further, the pricing of the products is dependent on metal indices and foreign exchange fluctuation making the price volatile	• Obtained an understanding of the Companys sales process, including design and implementation of controls over timing of recognition of revenue from sale of goods and tested the operating effectiveness of these controls
Due to judgments relating to determination of point in time in satisfaction of performance obligations with respect to sale of products, this matter has been considered as key audit matter.	• Reviewed the Companys accounting policies for revenue recognition in context of the applicable accounting standard.
	• Obtained customer contracts on sample basis and read the terms to assess various performance obligations in the contract, the point in time of transfer of control and pricing terms.
	• Tested on a sample basis sales invoice for identification of point in time for transfer of control and terms of contract with customers. Further, we performed procedures to test on a sample basis whether revenue was recognized in the appropriate period by testing shipping records, good inwards receipt of customer, sales invoice, Inco-terms etc. and testing the management assessment involved in the process, wherever applicable.
	• Obtained documentation relating to inventory count performed by the management at year- end.
	• Circulated the confirmations for outstanding trade receivables on sample basis on year end, and performed alternate procedures for the confirmations not received.
	• We also performed various analytical procedures to identify any unusual sales trends for further testing
	• We assessed the disclosure is in accordance with applicable accounting standards.

Information Other than the Standalone Financial Statements and Auditors Report Thereon

1. The Companys Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis, Boards Report including Annexure to Boards Report, Business

Responsibility Report, Corporate Governance and Shareholders Information, but does not include the standalone Ind AS financial statements and our auditors report thereon.

2. Our opinion on the standalone Ind AS financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

3. 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 Ind AS financial statements or our knowledge

obtained during the course of our audit or otherwise appears to be materially misstated.

4. 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.

Managements Responsibility for the Standalone Ind AS Financial Statements

1. The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone Ind AS financial statements that give a true and fair view of the financial position, financial performance, total

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 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.

2. In preparing the standalone Ind AS financial statements, management is responsible for assessing the Companys ability to continue as

a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless

management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

3. The Board of Directors are responsible for overseeing the Companys financial reporting process.

Auditors Responsibilities for the Audit of the Standalone Ind AS Financial Statements

1. Our objectives are to obtain reasonable assurance about whether the standalone Ind AS financial statements as a whole are free from

material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance

is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material

misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,

they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone Ind AS financial

statements.

2. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the

audit. We also:

• Identify and assess the risks of material misstatement of the standalone Ind AS 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 controls 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 management.

• Conclude on the appropriateness of managements 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 Companys

ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our

auditors 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 auditors 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 Ind AS financial statements, including the disclosures,

and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair

presentation.

3. 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.

4. 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.

5. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the

audit of the standalone Ind AS financial statements of the current period and are therefore the key audit matters. We describe these

matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare

circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so

would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 (the "Order"), issued by the Central Government of India in terms of sub-

section (11) of section 143 of the Companies Act, 2013, we give in the Annexure-B a statement on the matters specified in paragraphs

3 and 4 of the Order, to the extent applicable.

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

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

for the purposes of our audit.

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

of those books except for the matters stated in sub-paragraph (k)(h) below on reporting under clause (g) of Rule 11.

(c) The Company has no branch, and therefore reporting under this Clause is not applicable.

(d) The standalone balance sheet, the standalone statement of profit and loss statement and other comprehensive income, the

standalone statement of changes in equity and the standalone statement of cash flows dealt with by this Report are in agreement

with the books of account.

(e) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Ind AS specified under Section 133 of the Act,

read with Rule 7 of the Companies (Accounts) Rules, 2014.

(f) In our opinion, there are no observations or comments on financial transactions or matters which have any adverse effect on the

functioning of the Company.

(g) On the basis of the written representations received from the directors as on March 31,2024 taken on record by the Board of

Directors, none of the directors is disqualified as on March 31, 2024 from being appointed as a director in terms of Section 164 (2)

of the Act.

(h) The qualifications relating to the maintenance of accounts and other matters connected therewith are as stated in sub-paragraph

(B) above on reporting under clause (b) of sub-section (3) of section 143 and sub-paragraph (k)(h) below on reporting under clause

(g) of Rule 11.

(i) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness

of such controls, refer to our separate Report in "Annexure C." Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companys internal financial controls over financial reporting.

(j) 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 197of the Act read with schedule V of the act.

(k) With respect to the other matters to be included in the Auditors 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:

(a) The Company has disclosed the impact of pending litigations on its financial position in its standalone financial statements.

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

(c) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

(d) The management has represented that, to the best of its knowledge and belief, as disclosed in the Note No. 57 of the financial statements attached herewith, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person/s or entity/ies including foreign entity/ies ("Intermediaries"), with the understanding, whether recoded in writing or otherwise, that the Intermediaries shall, 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 the behalf of the Ultimate Beneficiaries.

(e) The management has represented that, to the best of its knowledge and belief, as disclosed in the Note No. 58 of the financial statements attached herewith, no funds have been received by the Company from any person/s or entity/ies including foreign entity/ies ("Funding Party/ies"), with the understanding, whether recoded in writing or otherwise, that the Company shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party/ies ("Ultimate Beneficiaries") or provide any guarantee, security or the like on the behalf of the Ultimate Beneficiaries.

(f) Based on the audits procedures performed that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that representations under sub-clauses (i) and (ii) of clause (e) of Rule 11 contain any material misstatement.

(g) No dividend has been declared or paid during the year by the Company.

(h) The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is applicable from 1 April 2023. Based on our examination which included test checks, except for the instances mentioned at (i) below, the Company has used accounting software for maintain its books of account, which have a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in respective software.

(i) Further, for the periods where audit trail (edit log) facility was enabled and operated throughout the year for accounting software, we did not come across any instance of audit trail feature being tempered with.

	For J C RANPURA & Co.
	Chartered Accountants
	FRN: 108647W
Place: Rajkot	(Ketan Y. Sheth)
Date:30.05.2024	Partner
	Membership No. 118411
	UDIN: 24118411BJZWTE5630

Annexure B

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (the "Act")

1. We have audited the internal financial controls over financial reporting of M/s. Austin Engineering Company Limited, Junagadh (hereinafter referred to as the "Company") as of 31st March, 2024 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls:

1. The Companys management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors Responsibility:

1. Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

2. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

3. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting:

1. A companys internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting:

1. Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion:

1. In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March, 2024 based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

	For J C Ranpura & CO.,
	Chartered Accountants
	[FRN:108647W]
	(Ketan Y. Sheth)
Place: Rajkot	Partner
Date:30.05.2024	(Membership No. 118411)
	UDIN: 24118411BJZWTE5630

ANNEXURE TO THE INDEPENDENT AUDITORS REPORT

In terms of the information and explanations sought by us and given by the Company and the books of account made available to us in the

normal course of audit and to the best of our knowledge and belief, we report that, in our opinion:

(i) (a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of property,

plant, and equipment.

(B) The Company has maintained proper records showing full particulars of intangible assets.

(b) These property, plant, and equipment have been physically verified by the management during the year at reasonable intervals.

Discrepancies, having regard to size of the Company, considered as minor, were noticed on such verification and the said

discrepancies were appropriately recognized in the financial statements by way of writing off of its assets.

(c) The title deeds of all the immovable properties (other than properties where the Company is the lessee and the lease agreements

are duly executed in favour of the lessee) disclosed in the financial statements are held in the name of the Company.

(d) The Company has not revalued its Property, Plant, and Equipment (including Right of Use assets) or intangible asset or both

during the year, and hence, this clause is not applicable to the Company.

(e) No proceedings have been initiated or pending against the Company for holding any benami property under the Benami Transactions

(Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

(ii) (a) The inventory has been physically verified during the year by the management and in our opinion, the coverage and procedure of

such verification are appropriate. As reported to us, discrepancies of 10% or more in the aggregate for each class of inventories

were not noticed.

(b) The Company has been, during the financial year 2023-24, sanctioned working capital limit in excess of five crore rupees, in

aggregate, from bank on the basis of security of current assets. As mentioned in Note No. 50 of the Financial Statement attached

herewith, the quarterly returns or statements filed by the Company with bank are in agreement with the books of account of the

Company.

(iii) The Company has not, during the year, (i) made investment in, (ii) provided any guarantee or security, or (iii) granted any loans or

advances in the nature of loans, secured or unsecured, to companies, firms, limited liability partnerships or any other parties.

(a) As the Company has not, during the year, provided loans, or provided advances in the nature of loans or stood guarantee, or

provided security to any other entity, this clause is not applicable for the year under audit.

(b) As the Company has not, during the year, made investments, or provided guarantee, or given any security, this clause is not

applicable for the year under audit.

(c) As the Company has not, during the year, granted any loans and advances in the nature of loans, this clause is not applicable for

the year under audit.

(d) As the Company has not granted any loans and advances in the nature of loans, this clause is not applicable for the year under

audit.

(e) As the Company has not granted any loans and advances in the nature of loans, this clause is not applicable for the year under

audit.

(f) As the Company has not granted any loans and advances in the nature of loans, this clause is not applicable for the year under

audit.

(iv) There are no loans, investments, guarantees, and security in respect of which provisions of sections 185 and 186 of the Companies Act,

2013 are applicable and accordingly, the requirement to report on clause 3(iv) of the Order is not applicable to the Company.

(v) The Company has neither accepted any deposits from the public nor accepted any amounts which are deemed to be deposits within the

meaning of sections 73 to 76 of the Companies Act and the rules made thereunder, to the extent applicable. Accordingly, the requirement

to report on clause 3(v) of the Order is not applicable to the Company.

(vi) We have broadly reviewed the books of accounts relating to materials, labors, and other items of cost maintained by the Company

pursuant to the Rules made by the Central Government for the maintenance of cost records under section 148(1) of the Act, and we are

of the opinion that prima facie the prescribed accounts and records have been made and maintained.

(vii) (a) The Company regular in depositing undisputed statutory dues including Goods and Services Tax, provident fund, employees state

insurance, income-tax, sales tax, service tax, duty of customs, duty of excise, value added tax, cess, and any other statutory dues

to the appropriate authorities. No undisputed amounts payable in respect of provident fund, employees state insurance, income

tax, sales tax, wealth tax, service tax, duty of customs, value added tax, goods and services tax, cess, and other material statutory

dues were in arrears as at March 31, 2024 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there are no material dues of income tax, sales tax, service tax, wealth

tax, duty of customs, duty of excise, value added tax, goods and services tax, and cess which have not been deposited with the

appropriate authorities on account of any dispute. However, according to information and explanations given to us, the following

dues of Central Excise as at March 31, 2024 have not been deposited by the Company on account of disputes:

Name of the Statute	Nature of dues	Amount	Period to which the	Forum where the dispute
		(Rs.in lakhs)	amount relates	is pending
Central Excise Act, 1944	Excise Duty	2.67	Financial year 2009-10,	CESTAT, WZB - Ahmedabad
			2010-11 & 2012-13
Central Excise Act, 1944	Excise Duty	59.23	Financial year	CCEC (A) - Rajkot & PC(A)
	and Penalty		2012-13 to 2017-18	GST & CE Rajkot

(viii) There were no transactions, not recorded in the books of account, which have been surrendered or disclosed as income during the year

in the tax assessment under the Income-tax Act, 1961.

(ix) (a) On the basis of books of account verified by us and to the best of our knowledge and belief, the company has not defaulted in

repayment of loans or other borrowings or in the payment of interest thereon during the year.

(b) To the best of our knowledge and belief, the Company is not a declared willful defaulter by any bank or financial institution or other

lender.

(c) As the Company did not avail any term loan, this clause is not applicable for the year under audit.

(d) As per books of account produced before us, the Company has not utilized short-term funds for long term purposes, and therefore,

this clause is not applicable for the year under audit.

(e) The Company has not taken any loans from any entity or person on account of or to meet the obligation of its subsidiaries,

associates, or joint ventures.

(f) The Company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures, or associate

companies.

(x) (a) On the basis of the records examined by us during the year, the Company has not raised money by way of initial public offer or

further public offer (including debt instruments), and therefore, this clause is not applicable.

(b) On the basis of our verification of records and information furnished to us, the Company has not made any preferential allotment

or private placement of shares or fully or partly convertible debentures during the year under review and therefore, the requirement

of sections 42 and 62 of the Companies Act, 2013 is not required to be complied with.

(xi) (a) On the basis of our examination of the books of account and other relevant records and information made available to us, prima

facie, we have not noticed any fraud (i.e. intentional material misstatements resulting from fraudulent financial reporting and

misappropriations of assets) on or by the company, during the year. Further, the management has represented to us that no fraud

by the company or any fraud on the company by its officers or employees has been noticed or reported during the year.

(b) The auditor of the company has not filed any report under sub-section (12) of section 143 of the Companies Act, 2013 in Form

ADT-4 as prescribed under rule 13 of the Companies (Audit and Auditors) Rules, 2014.

(c) As represented by the management, there are no whistle-blower complaints received by the Company during the year.

(xii) (a) The Company is not a Nidhi Company as per the provisions of the Companies Act, 2013. Therefore, the requirement to report on

clause 3(xii)(a) of the Order is not applicable to the Company.

(b) The Company is not a Nidhi company as per the provisions of the Companies Act, 2013. Therefore, the requirement to report on

clause 3(xii)(b) of the Order is not applicable to the Company.

(c) The Company is not a Nidhi company as per the provisions of the Companies Act, 2013. Therefore, the requirement to report on

clause 3(xii)(c) of the Order is not applicable to the Company.

(xiii) All transactions with related parties are in compliance with section 177 and 188 of the Companies Act, 2013 where applicable and the

details have been disclosed in the financial statements etc. as required by the applicable Indian Accounting Standards.

(xiv) (a) The Company has an internal audit system commensurate with the size and nature of its business.

(b) We have considered the internal audit reports for the year under audit, issued to the Company during the year and till date, in

determining the nature, timing and extent of our audit procedures.

(xv) In our opinion the Company has not entered into non-cash transactions with directors or persons connected with him.

(xvi) (a) The provisions of section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934) are not applicable to the Company. Accordingly,

the requirement to report on clause (xvi)(a) of the Order is not applicable to the Company.

(b) The Company is not engaged in any Non-Banking Financial or Housing Finance activities. Accordingly, the requirement to report

on clause (xvi)(b) of the Order is not applicable to the Company.

(c) The Company is not a Core Investment Company as defined in the regulations made by Reserve Bank of India. Accordingly, the

requirement to report on clause 3(xvi) of the Order is not applicable to the Company.

(d) There is no Core Investment Company as a part of the Group, hence, the requirement to report on clause 3(xvi)(d) of the Order is not applicable to the Company.

(xvii) The Company has not incurred cash losses in the financial year under audit and in the immediately preceding financial year.

(xviii)There has been no resignation of statutory auditor during the year, and therefore, this clause is not applicable for the financial year under audit.

(xix) On the basis of the financial ratios disclosed in note 56 to the financial statements, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report that Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.

(xx) (a) The Companys net worth, turnover and net profit during the immediately preceding financial year were below the limit prescribed under sub-section (1) of section 135 of the Companies Act, 2013, and therefore, the said section is not applicable to the Company during the financial year under audit. Accordingly, reporting under clause 3(xx)(a) is not applicable.

(b) The Companys net worth, turnover and net profit during the immediately preceding financial year were below the limit prescribed under sub-section (1) of section 135 of the Companies Act, 2013, and therefore, the said section is not applicable to the Company during the financial year under audit. Accordingly, reporting under clause 3(xx)(b) is not applicable.

(xxi) This is the standalone financial statement of the company. Thus, this clause is not applicable to the Company for the financial year under audit.

	For J C Ranpura & CO.,
	Chartered Accountants
	[FRN:108647W]
	(Ketan Y. Sheth)
Place: Rajkot	Partner
Date:30.05.2024	(Membership No. 118411)
	UDIN: 24118411BJZWTE5630