Eighty Jewellers Ltd Auditor Reports

To,

The Members of

EIGHTY JEWELLERS LIMITED
(Formerly known as Eighty Jewellers Pvt. Ltd.)

A.T.Palace, Kotwali Chowk, Sadar Bazar,

Raipur (C.G.) -492001

Report on the Financial Statements

Opinion

We have audited the accompanying financial statements of EIGHTY JEWELLERS LIMITED (Formerly
known as Eighty Jewellers Pvt. Ltd.) ("the company"), which comprise the Balance Sheet as at 31st March
2023, the Statement of Profit and Loss and Statement of Cash Flow for the year then ended, and a
summary of significant accounting policies, notes to the accounts and other explanatory information
(hereinafter referred to as "The Financial Statements"), which we have signed under reference to this
report.

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 Act in the manner so required and give
a true and fair view in conformity with the accounting principles generally accepted in India

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2023; and

(b) In the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on
that date.

(c) In the case of the cash flow statement for the year ended on that date.

 

Basis of opinion

We conducted our audit 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
responsibilities 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
together with the ethical requirements that are relevant to our audit of the financial statements under the
provisions of the Act and the rules there under, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the code of ethics.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

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

1. Existence of Inventory	In view of the significance of the matter we applied the following audit procedures in this area, among others, to obtain sufficient appropriate audit evidence:
Refer Note 16 "Change of Inventory" to the financial statements
Description: The Companys inventories primarily comprise high value items like gold, diamonds, gem stones etc. The Company holds inventory at various locations such as head office, retail outlets, franchisee outlet and third-party locations on approval basis	1. We evaluated the design, implementation and tested the operating effectiveness of key controls that the Company has in relation to safeguarding and physical verification of inventories including the appropriateness of the Companys standard operating procedures for conducting, recording and reconciling physical verification of inventories and tested the implementation thereof.
There is a significant risk of loss of inventory given the high value and nature of the inventory involved. In view of the above, we have identified confirmation of physical inventories as a key audit matter	2. We evaluated the design, implementation and operating effectiveness of general IT controls and key application controls over the Companys IT systems including those relating to recording of inventory quantities on occurrence of each sale transaction, including access controls, controls over program changes, interfaces between different systems.
	3. For the sampled locations, we checked on a sample basis reconciliation of inventories as per physical inventory verification and book records. We also verified the caratage of the jewellery on a sample basis.
	4. For samples selected using statistical sampling, we obtained independent confirmations of inventories held with third parties and at franchise outlet.

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

The Company’s board of directors is responsible for the preparation of the other information. The other
information comprises the information included in the Board’s Report including Annexure to Board’s
Report, Business Responsibility Report but does not include the financial statements and our auditor’s
report thereon. 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 standalone
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 Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Companies
Act, 2013 ("the Act") with respect to the preparation and presentation of these financial statements that
give a true and fair view of the financial position, financial performance of the Company in accordance with
the accounting principles generally accepted in India, including the Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also
includes the maintenance of adequate accounting records in accordance with the provision of the Act for
safeguarding of the assets of the Company and for preventing and detecting the 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 control, 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, management is responsible for assessing the Company’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The boards of directors are also responsible for overseeing the company’s financial reporting process.
Auditor’s Responsibility for the Audit of the Financial Statements:

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these financial
statements.

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

1) Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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) of the Companies Act, 2013, 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.

3) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.

4) Conclude on the appropriateness of management’s use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

5) Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements that individually or in aggregate,
make it probable that the economic decisions of a reasonably knowledgeable user of the 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 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 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 (Auditor’s Report) Order, 2020 ("the Order") issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure B a
statement on the matters Specified in paragraphs 3 and 4 of the Order.

2.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, Statement of Changes in Equity and Statement of
Cash Flows are dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid 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 written representations received from the directors as on 31st March 2023, taken on
record by the Board of Directors, none of the directors is disqualified as on 31st March 2023, from being
appointed as a director in terms of Section 164(2) of the Act.

f) With respect to the adequacy of the internal financial controls over financial reporting 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 Company’s Internal
financial controls over financial reporting, and

g) 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, in our opinion and to the best of our information and
according to the explanation given to us:

i. The Company does not have any pending litigations which would impact its financial position.

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

iii. There were no amounts which required to be transferred under Investors Education & Protection Fund
by the Company.

(h) With respect to the matter to be included in the Auditors" Report under Section 197(16) of the Act:

In our opinion and according to the information and explanations given to us, the remuneration paid by
the Company to its directors during the current year 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. The Ministry of Corporate Affairs has not prescribed other details under Section 197(16) of the
Act which are required to be commented upon by us.

(i) With respect to reporting regarding advances, loans & investments, further lending or investing other
than disclosed in the notes to financial statements : -

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

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

c) Based on such audit procedures that were considered reasonable and appropriate in the circumstances,
nothing has come to our notice that has caused us to believe that the representations under sub-clause (a)
and (b) contain any material misstatement.

(j) The company has not declared any dividend during the year under audit.

(k) Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using
accounting software which has a feature of recording audit trail (edit log) facility is applicable to the
Company with effect from April 1, 2023,and accordingly, reporting under Rule 11(g) of Companies (Audit
and Auditors) Rules, 2014 is not applicable for the financial year ended March 31, 2023.

 

ANNEXURE - "A" TO THE INDEPENDENT AUDITORS REPORT OF EVEN DATE ON THE
FINANCIAL STATEMENTS OF EIGHTY JEWELLERS LIMITED (Formerly known as EIGHTY
JEWELLERS PRIVATE LIMITED)

Report on the Internal Financial Controls over financial reporting under clause (i) of sub-section 3 of the
143 of the Companies Act, 2013.

We have audited the internal financial controls over financial reporting of EIGHTY JEWELLERS
LIMITED (Formerly known as Eighty Jewellers Pvt. Ltd.)("the Company") as of 31st March 2023 in
conjunction with our audit of the financial statements of the Company for the full year ended on that date.

 

Management’s Responsibility for Internal Financial Controls

The Company’s 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 (‘ICAI’).
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 company’s 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

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.

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 auditor’s judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error.

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

Meaning of Internal Financial Controls over Financial Reporting

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

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

In our opinion and according to the information and explanations given to us , 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 31st March, 2023, 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.

 

Annexure B " to the Independent Auditors’ Report

[Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ of our Report of even
date to the Financial Statements of the company for the year ended 31st March, 2023]

On the basis of such checks as we considered appropriate and according to the information and
Explanations given to us during the course of our audit, we report that:

(i)In respect of its Property, Plant and Equipment & Intangible Assets:

a) The Company has maintained proper records showing full particulars, including quantitative details and
situation of the property, plant and Equipments.

b) As explained to us by the management, Property, Plant and Equipments have been physically verified by the management during the year in accordance with the phased programme of verification adopted by the management which, in our opinion, provides for physical verification of all the property, plant and
Equipments at reasonable intervals. According to the information and explanations given to us, no material
discrepancies were noticed on such verification.

c) According to the information and explanations given to and based on the examination of the registered
sale deed / transfer deed / conveyance deed provided to us, we report that, the title deeds, comprising all the immovable properties of company which are freehold, are held in the name of the Company as at the
balance sheet date

d) The Company has not revalued its Property, Plant and Equipment during the year ended March 31, 2023.

e) There are no proceedings initiated or are pending against the Company for holding any benami property
under the Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder.

in) In respect of Inventories :

a) The inventory has been physically verified during the year by the management as per regular programme
of verification which, in our opinion, is reasonable having regard to the size of the Company and nature of
its business. As explained and informed by the management, the discrepancies noticed on verification
between the physical stocks and the book records were not material and have been properly dealt with in
the books of accounts.

b) The Company has been sanctioned working capital limits of Rs. Ten crores in aggregate from banks
and/or financial institutions during the year on the basis of security of current assets of the Company. The
quarterly returns/statements filed by the Company with such banks and financial institutions are in
agreement with the books of account of the Company.

(iii) The Company has not granted unsecured loan to others covered in the Register maintained under
section 189 of the Act during the year.

(iv) In our opinion and according to the information and explanations given to us, the company has
complied with the provisions of section 185 and 186 of the Companies Act, 2013 in respect of loans,
investments, guarantees, and security during the year.

(v) The Company has not accepted any deposits from the public during the year and hence the directives
issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions
of the Act and the Companies (Acceptance of Deposit) Rules, 2015 with regard to the deposits accepted
from the public are not applicable.

(vi) As informed to us, the Central Government has not prescribed maintenance of cost records under sub-
section (1) of Section 148 of the Act, in respect of the activities carried on by the company.

(vii) In respect of statutory dues:

a) According to the information and explanations given to us and on the basis of our examination of the
records of the Company, amounts deducted/accrued in the books of accounts in respect of undisputed
statutory dues including income tax, GST, sales tax, wealth tax, service tax, custom duty, excise duty, cess,
Provident Fund and other material statutory dues applicable to it have been regularly deposited during the
year by the Company with the appropriate authorities. As informed to us, Investor Education & Protection
Fund Act are not applicable to the Company and hence they do not have any dues on these accounts.

According to the information and explanations given to us, no undisputed amounts payable in respect of
provident fund, income tax, GST, sales tax, value added tax, duty of customs, service tax, cess, and other
material statutory dues were in arrears as at 31st March, 2023 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 dues of amounts payable in
respect of provident fund, income tax, GST, sales tax, value added tax, duty of customs, duty of excise,
service tax, cess, wealth tax and other material statutory dues applicable to it, which have not been
deposited with appropriate authorities on account of any dispute.

(viii) The Company has not surrendered or disclosed any transaction, previously unrecorded in the books of
account, in the tax assessments under the Income Tax Act, 1961 as income during the year. Accordingly,
the requirement to report on clause 3(viii) of the Order is not applicable to the Company.

(ix) In respect of borrowings by the company: -

a) In our opinion and according to the information and explanations given to us and as per the books and
records examined by us, the company has not defaulted in repayment of dues to a financial institution, bank or Jdvniuiv holder.

b) The Company has not been declared willful defaulter by any bank or financial institution or government
or any government authority.

c) Term loans availed earlier were applied for the purpose for which such loans were obtained.

d) On an overall examination of the financial statements of the Company, no funds raised on short-term
basis have been used for long-term purposes by the Company.

(x) In respect of Funds raised by the company: -

a)During the year, the Company was listed on BSE SME Exchange Platform and raised funds through an
IPO in the month of April 2022. Based upon the audit procedures performed and the information and
explanations given by the management, we report that, moneys raised by way of initial public offer were
applied for the purposes for which those were raised. Further, no debt instruments were offered during the
year

Nature of the fund raised	Purpose for which funds were raised	Total amount raised	Amount utilized for the defined purpose	Unutilized balance as at balance sheet date	Details of default	Subsequently rectified
Initial	To meet the Working Capital requirement	900.00	900.00	Nil	NA	NA
Public Offer	fipneral Corporate Purpose	84.84	137.98	Nil*	NA	NA
	Offer Expenses	122.16	69.02	Nil*	NA	NA
	Total :	1107.00	1107.00	Nil

*The surplus amount of offer expenses is utilized towards General Corporate Purpose as mentioned in
Clause "Objects of an Issue" of Prospectus dated 25th March, 2022.

b)The Company has not made any preferential allotment or private placement of shares/fully or partially or
optionally convertible debentures during the year under audit and hence, the requirement to report on
clause 3(x)(b) of the Order is not applicable to the Company

(xi) In respect of Frauds done on or by the company: -

a) No fraud by the Company or no material fraud on the Company has been noticed or reported during the year.

b) During the year, no report under sub-section (12) of section 143 of the Companies Act, 2013 has been
filed by cost auditor/secretarial auditor or by using 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. Therefore, the provision of clause 3(xii) of the Order is not applicable to the Company.

(xiii) According to the information and explanations given to us and based on out examination of the
records of the Company, transactions with the related party 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) In respect of Internal Audit System: -

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

b) The internal audit report of the Company issued by the internal auditor, for the period under audit has
been considered by us.

(xv) According to the information and explanations given to us and based on our examination of the
records of the Company, the Company has not entered into non-cash transactions with directors or persons
connected to him. Accordingly, paragraph 3(xv) of the Order is not applicable.

(xvi) In respect of applicability of provisions of the Reserve Bank of India Act, 1934: -

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 has not conducted any Non-Banking Financial or Housing Finance activities without
obtaining a valid Certificate of Registration (CoR) from the Reserve Bank of India as per the Reserve Bank of India Act, I 934.

c) 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 current year and in the immediately preceding financial y car.

(xviii) There has been no resignation of the statutory auditors during the year and accordingly requirement
to report on Clause 3(xviii) of the Order is not applicable to the Company.

(xix) On the basis of the financial ratios disclosed in note 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) The provisions of section 135 of the act are not applicable on the company for the F.Y. 2022-23 and
accordingly requirement to report on Clause 3(xx) of the Order is not applicable to the Company.

(xxi) The company is not required to prepare consolidated financial statements in accordance with section
129 of the act and accordingly requirement to report on Clause 3(xxi) of the Order is not applicable to the
Company.