Cineline India Ltd Auditor Reports

To

The Members of

Cineline India Limited

Report on the audit of the Standalone Financial Statements

OPINION

1. We have audited the accompanying Standalone Financial
Statements of Cineline India Limited (‘the Company),
which comprise the Standalone Balance Sheet as at
31 March 2025, and the Standalone Statement of Profit
And Loss (including Other Comprehensive Income),
Standalone Statement of Changes in Equity and
Standalone Statement of Cash Flows for the year ended
on that date, and notes to the Standalone Financial
Statements, including a summary of material accounting
policy information and other explanatory information
(‘the Standalone Financial Statements).

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 (‘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, find
AS) and other accounting principles generally accepted
in India, of the State of Affairs of the Company as at 31
March 2025, and its Loss and Other Comprehensive
Income, Changes in Equity and its Cash Flows for the
year ended on that date.

BASIS FOR OPINION

3. We conducted our audit in accordance with the
Standards on Auditing (‘SAs) specified under section
143(10) of the Act. Our responsibilities under those SAs
are further described in the Auditors 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 on the
Standalone Financial Statements.

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 year. We have determined that there are no Key
audit matters to be communicated in our report.

OTHER INFORMATION

5. The Companys Board of Directors are responsible for
the other information. The other information comprises
the information included in the Companys annual
report but does not include the Standalone Financial
Statements and our auditors report thereon. The Other
Information is expected to be made available to us after
the date ofthis auditors report.

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

7. 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, considerwhetherthe other information
is materially inconsistent with the Standalone Financial
Statements, or our knowledge obtained in the audit or
otherwise appears to be materially misstated. If, based
on the work we have performed, we conclude that there
is a material misstatement ofthis other information, we
are required to report that fact.

8. 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 and take appropriate action as applicable
under the relevant laws and regulations.

RESPONSIBILITIES OF MANAGEMENT AND THOSE

CHARGED WITH GOVERNANCE FOR THE STANDALONE

FINANCIAL STATEMENTS

9. 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 Financial
Statements that give a true and fair view of the State of
Affairs, loss and Other Comprehensive Income, Changes
in Equity and Cash Flows of the Company 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 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 of the appropriate
accounting software for ensuring compliance with
applicable laws and regulations including those related
to retention of audit logs; 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.

10. In preparing the Standalone Financial Statements,
the Board of Directors 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 the Board of Directors either intends to liquidate
the Company or to cease operations, or has no realistic
alternative but to do so.

11. The Board of Directors is also responsible for overseeing
the Companys financial reporting process.

AUDITORS RESPONSIBILITIES FOR THE AUDIT OF THE

STANDALONE FINANCIAL STATEMENTS

12. 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 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 Financial
Statements. As part of an audit in accordance with
SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:

12.1. 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.

12.2. 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) 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.

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

12.4. Conclude on the appropriateness of the
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 modifyour
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.

12.5. 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.

13. 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.

14. 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.

15. 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 year 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

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

17.1. 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.

17.2. In our opinion, proper books of accounts 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
18.8 below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014 (as
amended).

17.3. The standalone balance sheet, the standalone
statement of profit and loss including Other
Comprehensive Income, the Statement of Changes
in Equity and the Standalone Cash Flow Statement
dealt with by this Report are in agreement with the
books of account.

17.4. In our opinion, the aforesaid Standalone Financial
Statements comply with the Ind AS specified under
Section 133 of the Act read with the relevant rules
thereunder.

17.5. On the basis of the written representations
received from the directors as on 31 March 2025
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.

17.6. The modification relating to the maintenance of
books of accounts and other matters connected
therewith are as stated in the paragraph 17.2 above
on reporting under Section 143(3)(b) and paragraph
18.8 below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014 (as
amended).

17.7. With respect to the adequacy of the internal
financial controls with reference to Standalone
Financial Statements of the Company and the
operating effectiveness of such controls, refer to
our separate Report in Annexure B.

17.8. In our opinion and according to the information and
explanations given to us, the remuneration paid by
the Company to its directors during the currentyear
is in accordance with the provisions of Section 197
of the Act. The remuneration paid to any director is
not in excess of the limit laid down under Section
197 of the Act.

18. 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:

18.1. The Company has disclosed the impact of pending
litigations as at 31 March 2025 on its financial
position in its Standalone Financial Statements
- Refer Note 42 to the Standalone Financial
Statements.

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

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

18.4. The Management has represented, to best of
their knowledge and belief, that no funds have
been advanced or loaned or invested (either from
borrowed funds or share premium or any other
sources or kind of funds) by the Company to or in
any other person(s) or entity(ies), including foreign
entities (‘Intermediaries), with the understanding,
whether recorded in writing or otherwise, that the
Intermediary shall, whether, directly or indirectly

Independent Auditors Report (Contd.)

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.

18.5. The Management has represented, to best of their
knowledge and belief, that no funds have been
received by the Company from any person(s)
or entity(ies), including foreign entities (‘Funding
Parties), with the understanding, whether recorded
in writing or otherwise, that the Company shall,
whether, directly or indirectly, lend or invest in
other persons or entities identified in any manner
whatsoever by or on behalf of the Funding Party
(‘Ultimate Beneficiaries) or provide any guarantee,
security or the like on behalf of the Ultimate
Beneficiaries.

18.6. Based on such audit procedures, that have been
considered reasonable and appropriate in the
circumstances, performed by us, nothing has come
to our notice that has caused us to believe that the
representation under para 18.4 and 18.5 contain
any material misstatement.

18.7. In our opinion and according to information
and explanation given to us, the Company has
not declared or paid dividend during the year,
accordingly compliance with section 123 of the Act
by the Company is not applicable.

18.8. Based on our examination which included test
checks, except for the instances mentioned below,
the Company has used accounting softwares for
maintaining 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

Cineline India Limited

81

relevant transactions recorded in the respective
softwares as described in Note 47 of Standalone
Financial Statements:

for one of the accounting software, the
feature of audit trail (edit log facility) was not
enabled at the application level to log any
data changes upto 31st March 2024.

for one ofthe accounting software, the feature
of audit trail (edit log facility) was not enabled
at the application level and at the database
level to log any data changes upto 15th April
2024.

Further, where audit trail (edit log) facility was
enabled and operated throughout the year, we did
not come across any instance of audit trail feature
being tampered with. Additionally, other than for
the softwares where audit trail (edit log) facility
was not enabled in the previous year and part of
current year, the audit trail has been preserved by
the Company as per the statutory requirements for
record retention.

Annexure ‘A

To the Independent Auditors Report on the Standalone Financial Statements of Cineline India Limited for the year ended
31 March 2025

(Referred to in paragraph 16 under ‘Report on Other Legal
and Regulatory Requirements section of our report of even
date)

i. (a) The Company has maintained proper records

showing full particulars including quantitative
details and situation of Property, Plant and
Equipment (‘PPE).

The Company is maintaining proper records
showing full particulars of intangible assets.

(b) The Company has a regular programme of physical
verification of its PPE by which all PPE are verified
in a phased manner over a period of 3 years. In
our opinion, this periodicity of physical verification
is reasonable having regard to the size of the
Company and the nature of its assets. Pursuant
to the programme, certain PPE were physically
verified by the Management during the year. In
our opinion, and according to the information
and explanations given to us, the reconciliation
of physical assets with register of assets is under
process.

(c) In our opinion and according to the information and
explanations given to us and on the basis of our
examination of the records of the Company, 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 ofthe Company.

(d) In our opinion and according to the information
and explanations given to us, the Company has not
revalued its PPE (including Right of Use assets) or
intangible assets or both during the year.

(e) In our opinion and according to the information
and explanations given to us and on the basis of
our examination of the records of the Company,
no proceedings have been initiated or are
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) In our opinion and according to the information and

explanations given to us, the physical verification
of inventories has been conducted at reasonable
intervals by the Management and, the coverage and
procedure of such verification by the Management
is appropriate. Based on our examination, no
material discrepancies were observed.

(b) In our opinion and according to the information
and explanations given to us, the Company has
not been sanctioned any working capital limits at
any point of time during the year, from banks or
financial institutions. Accordingly, paragraph 3(ii)(b)
ofthe Order is not applicable to the Company.

iii. (a) In our opinion and according to the information
and explanations given to us, the Company
has not made investments in or provided any
guarantee or security to companies, firms, Limited
Liability Partnerships or any other parties. In
respect of loans or advances in nature of loans
granted, secured or unsecured, to companies,
firms, Limited Liability Partnerships or any other
parties, and the details are mentioned in the
following table:

Particulars	Loans (Rs. in lakhs)
Aggregate amount granted/ provided during the year
Subsidiaries	467.46
Others	1,422.30
Balance outstanding as at balance sheet date in respect of above cases
Subsidiaries	-
Others	1,250.00

(b) In our opinion and according to the information
and explanations given to us, the Company has not
made any investments or provided any guarantees
or securities. In respect of loans or advances in
nature of loans granted, the terms and conditions
are not prejudicial to the Companys interest.

(c) In our opinion and according to the information and
explanations given to us, in respect of loans and
advances in the nature of loans, the schedule of
repayment of principal and payment of interest has
been stipulated and the repayments or receipts
are regular during the year.

(d) In our opinion and according to the information and
explanations given to us, no amount is overdue in
respect of loans and advances in the nature of
loans.

(e) In our opinion and according to the information and
explanations given to us, neither loans or advances
in nature of loans have been renewed or extended
nor any fresh loans have been granted to settle the
overdue of existing loans.

(f) In our opinion and according to the information and explanations given to us, the Company has granted loans or
advances in the nature of loans to Promoters/Related Parties (as defined in section 2(76) of the Act) which are either
repayable on demand or without specifying any terms or period of repayment.

(Rs. In Lakhs)

	All Parties	Promoters	Related Parties
Aggregate amount of loans/ advances in nature of loans - Repayable on demand (A)	1,889.76		1,889.76
- Agreement does not specify any terms or period of repayment (B)	-	-	-
Total (A+B)	1,889.76	-	1,889.76
Percentage of loans/ advances in nature of loans to the total loans	100%	-	100%

iv. In our opinion and according to the information and
explanations given to us, the Company has complied
with the provisions of sections 185 and 186 of the Act
with respect to the loans given, investments made,
guarantees given and security provided.

v. In our opinion and according to the information
and explanations given to us, the Company has not
accepted any deposits or amounts which are deemed
to be deposits from the public during the year in terms
of directives issued by the Reserve Bank of India or the
provisions of Sections 73 to 76 or any other relevant
provisions of the Act and the rules framed there under.
Accordingly, paragraph 3(v) ofthe Order is not applicable
to the Company.

vi. The Company is not required to maintain cost records
under Section 148(1) of the Companies Act, 2013 read
with Companies (Cost Records and Audit) Rules, 2014
and hence reporting under paragraph 3(vi) ofthe Order
is not applicable to the Company.

vii. (a) In our opinion and according to the information

and explanations given to us, amounts deducted/
accrued in the books of account in respect of
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 have been regularly
deposited by the Company with the appropriate
authorities.

According to the information and explanations
given to us, no undisputed amounts payable
in respect of provident fund, employees state
insurance, income-tax, Goods and Services Tax,
duty of customs, cess and other material statutory
dues were in arrears as at 31 March 2025 for a
period of more than six months from the date they
became payable.

(b) In our opinion and according to the information and
explanations given to us, we confirm that there are
no dues of 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, which
have not been deposited to/with the appropriate
authority on account of any dispute.

viii. In our opinion and according to the information and
explanations given to us and on the basis of our
examination ofthe records ofthe Company, we confirm
that we have not come across any transactions not
recorded in the books of account which have been
surrendered or disclosed as income during the year in
the tax assessments under the Income Tax Act, 1961.

ix. (a) In our opinion, the Company has not defaulted

in repayment of loans or other borrowings to
financial institutions or in the payment of interest
thereon. The Company has not taken any loans
or other borrowings from banks, government and
debentures holders.

(b) According to the information and explanations
given to us and on the basis of our audit procedures,
we report that the Company has not been declared
wilful defaulter by any bank or financial institution
or government or any government authority or any
other lender.

(c) In our opinion and according to the information
and explanations given to us, the Company has
utilized the money obtained by way of term loans
outstanding at the beginning of the year for the
purposes for which they were obtained.

(d) According to the information and explanations
given to us, and the procedures performed by
us, and on an overall examination ofthe financial
statements of the Company, we report that no
funds raised on short-term basis have been used
for long-term purposes by the Company.

(e) According to the information and explanations
given to us and on an overall examination of the
financial statements of the Company, we report
that the Company has not taken any funds from
any entity or person on account of or to meet the
obligations of its subsidiaries.

(f) According to the information and explanations
given to us and procedures performed by us,
we report that the Company has not raised loans
during the year on the pledge of securities held in
its subsidiaries.

x. (a) The Company did not raise money by way of initial

public offer or further public offer (including debt
instruments) during the year.

(b) The Company has not made any preferential
allotment or private placement of shares or fully or
partly or optionally convertible debentures during
the year.

xi. (a) In our opinion and according to the information and

explanations given to us, there has been no fraud
by the Company or any fraud on the Company that
has been noticed or reported during the year.

(b) In our opinion and according to the information
and explanations given to us, no report under sub
section (12) of section 143 of the Act has been filed
by the auditors in Form ADT-4 as prescribed under
rule 13 of Companies (Audit and Auditors) Rules,
2014 with the Central Government.

(c) As represented to us by the Management, there
are no whistle blower complaints received by the
Company during the year.

xii. In our opinion and according to the information and
explanations given to us, the Company is not a Nidhi
company. Accordingly, paragraph 3(xii) of the Order is
not applicable to the Company.

xiii. According to the information and explanations given to
us and based on our examination of the records of the
Company, transactions with the related parties are in
compliance with Sections 177 and 188 of the Act where
applicable and details of such transactions have been
disclosed in the financial statements as required by the
applicable accounting standards.

xiv. (a) In our opinion and based on our examination,

the Company has an internal audit system
commensurate with the size and nature of its
business.

(b) We have considered the internal audit reports of
the Company issued till date, for the period under
audit.

xv. According to the information and explanations given to
us, in our opinion during the year the Company has not
entered into any non-cash transactions with its directors
or persons connected with its directors. Accordingly,
paragraph 3(xv) of the Order is not applicable to the
Company

xvi. (a) In our opinion, the Company is not required to be

registered under Section 45-IA ofthe Reserve Bank
of India Act, 1934. Accordingly, paragraph 3(xvi) of
the Order is not applicable to the Company.

(b) The Company has not conducted any Non-Banking
Financial or Housing Finance activities without
obtaining a valid CoR from the Reserve Bank of
India as per the Reserve Bank of India Act, 1934.

(c) The Company is not a Core Investments Company
(‘CIC) as defined in the regulations made by
Reserve Bank of India.

(d) The Group has no CIC as part ofthe Group.

xvii. The Company has not incurred cash losses in the current
financial year and in the immediately preceding financial
year.

xviii. There has been no resignation ofthe statutory auditors
during the year and accordingly paragraph 3(xviii) ofthe
Order is not applicable.

xix. According to the information and explanations given
to us and on the basis of the financial ratios, ageing
and expected dates of realization of financial assets
and payment of financial liabilities, other information
accompanying the financial statements, our knowledge
ofthe Board of Directors and Management plans and
based on our examination ofthe 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 the
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
ofthe 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) According to information and explanations given to
us and based on our examination of the records
of the Company, the Company is not required to
transfer any unspent amount pertaining to the year
under report to a Fund specified in Schedule VII
to the Companies Act. 2013 in compliance with
second proviso to sub-section (5) of section 135 of
the Act.

(b) In respect of ongoing projects, there are no unspent
amounts in respect of CSR. that are required to
be transferred to a special account in compliance
of provision of sub section (6) of section 135 of
Companies Act.

xxi. The reporting under clause 3(xxi) of the Order is not
applicable in respect of audit of Standalone Financial
Statements. Accordingly, no comment in respect of the
said Clause has been included in the report.

Annexure ‘B

To the Independent Auditors report on the Standalone Financial Statements of Cineline India Limited for the year ended
31 March 2025

(Referred to in paragraph 17.7 under ‘Report on Other Legal
and Regulatory Requirements section of our report of even
date)

REPORT ON THE INTERNAL FINANCIAL CONTROLS
WITH REFERENCE TO THE AFORESAID STANDALONE
FINANCIAL STATEMENTS UNDER CLAUSE (I) OF SUB-
SECTION 3 OF SECTION 143 OF THE COMPANIES ACT,
2013 (‘THE ACT).

Opinion

1. We have audited the internal financial controls with
reference to the Standalone Financial Statements of
Cineline India Limited (‘the Company) as at 31 March
2025 in conjunction with our audit of the Standalone
Financial Statements of the Company for the year ended
on that date.

2. According to the information and explanations given
to us. the Company has. in all material respects,
maintained an internal financial control system with
reference to the Financial Statements, design whereof
needs to be enhanced to make it comprehensive. In
our opinion, based on verification of process controls
matrixes on test check basis and 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 (‘the Guidance Note),
the operating effectiveness of such process controls
and appropriate documentation thereof needs to be
strengthened to make the same commensurate with
the size of the Company and nature of its business. The
enhancements required in the design and the operating
effectiveness of the internal financial control system with
reference to financial statements does not affect our
opinion on the financial statements of the Company.

Managements responsibility for Internal Financial
Controls

3. The Companys management is responsible for
establishing and maintaining internal financial controls
based on the internal controls over financial reporting
criteria established by the Company considering the
essential components of internal control stated in the
Guidance Note. 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 the 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 Act.

Auditors responsibility

4. Our responsibility is to express an opinion on the
Companys internal financial controls with reference
to the Standalone Financial Statements based on our
audit. We conducted our audit in accordance with the
Guidance Note and the Standards on Auditing (‘SAj,
prescribed under section 143(10) of the Act. to the extent
applicable to an audit of internal financial controls with
reference to the Standalone Financial Statements. Those
SAs and the Guidance Note require that we comply
with the ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether
adequate internal financial controls with reference to
the Standalone Financial Statements were established
and maintained and whether such controls operated
effectively in all material respects.

5. Our audit involves performing procedures to obtain audit
evidence about the adequacy of the internal financial
controls system with reference to the Standalone
Financial Statements and their operating effectiveness.
Our audit of internal financial controls with reference to
the Standalone Financial Statements included obtaining
an understanding of internal financial controls with
reference to the Standalone Financial Statements,
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
judgement, including the assessment of the risks of
material misstatement of the Standalone Financial
Statements, whether due to fraud or error.

6. 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 with reference to the Standalone Financial
Statements.

Meaning of Internal Financial Controls with reference to

the Standalone Financial Statements

7. A companys internal financial controls with reference
to the Standalone Financial Statements is a process
designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of
Standalone Financial Statements for external purposes
in accordance with generally accepted accounting

principles. A companys internal financial controls with
reference to the Standalone Financial Statements
include 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 Standalone
Financial Statements in accordance with generally
accepted accounting principles, and that receipts and
expenditures of the Company are being made only in
accordance with authorisations of management and
directors of the Company; and (3) provide reasonable
assurance regarding prevention or timely detection
of unauthorised acquisition, use. or disposition of the
Companys assets that could have a material effect on
the Standalone Financial Statements.

Inherent Limitations of Internal Financial Controls with

reference to the Standalone Financial Statements

8. Because of the inherent limitations of internal financial
controls with reference to the Standalone Financial
Statements, 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 with reference to the
Standalone Financial Statements to future periods are
subject to the risk that the internal financial controls with
reference to the Standalone Financial Statements may
become inadequate because of changes in conditions,
or that the degree of compliance with the policies or
procedures may deteriorate.

For KKC & Associates LLP

Chartered Accountants

(formerly Khimji Kunverji & Co LLP)

Firm Registration Number: 105146W/W100621

 

Divesh B Shah

Partner

ICAI Membership No: 168237

UDIN: 25168237BMIOLU2345

 

Place: Mumbai

Date: 12 May 2025