Inditrade Capital Ltd Auditor Reports

to the Members of inditrade Capital limited

Report on the audit of the standalone ind as Financial statements Opinion

We have audited the accompanying standalone Ind aS financial statements of inditrade Capital limited ("the Company"), which comprise the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss

(including Other Comprehensive Income), the Statement of Changes in

Equity and the Statement of Cash Flows for the year then ended, and notes to the standalone Ind AS financial statements including a summary of significant accounting (hereinafter referred to as "standalone Ind AS financial statements")

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 accounting principles generally accepted in India including the Indian accounting Standards ("Ind aS") prescribed under statements that give a true and section 133 of the act, read with the Companies (Indian accounting Standards) rules, 2015, as amended, of the state of affairs of the

Company as at March 31, 2024, its profit(including other comprehensive income), its changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with Standards on auditing (Sas) specified under section 143 (10) of the Act. Our responsibilities under those Standards are further described in the auditors responsibilities for the audit of the StandaloneInd 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

("ICAI") together with the ethical requirements that are relevant to our audit of the standalone Ind AS financial statements under the provisions of the Act and Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the auditevidencewehaveobtainedissufficient and appropriate to provide a basis for our opinion on the standalone Ind

AS financial statements. key audit Matters

We have determined that there are no key audit matters to communicate in our report.

Other information the Companys Board of directors is responsible for the other information. the other information comprises the information included in the Chairmans statement, directors report, management discussion and analysis report, report on corporate governance and annexures thereto, but does not include the standalone IndAS financial statements, consolidated Ind AS financial statementsand our auditors report thereon. the above mentioned other information are expected to be made available to us after the date of this auditors report.

Our opinion on the standalone IndAS financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the standalone Ind aS 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 IndAS financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. policies and other explanatory information If, based on the work we performed, and if we conclude that there is a material misstatement therein we are required to communicate the matter to those charged with governance.

Responsibilities of Management and those Charged with Governance for the standalone ind as Financial statements the Companys Board of d irectors is responsible for the matters stated in section 134(5) of the a ct with respect to the preparation of these standalone Ind AS financial fair view of the financial position, financial performance(including other comprehensive income), changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including Ind aS prescribed under section 133 of the act, read with the Companies (Indian accounting Standards) rules, 2015, as amended. this responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone

Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone 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. those Board of directors are also responsible for overseeing the

Companys financial reporting process. auditors Responsibilities for the audit of the standalone ind as Financial statements

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 this standalone Ind AS financial statements. as part of an audit in accordance with Sas, we exercise professional judgment and maintain professional skepticism 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 sufficient appropriate to obtainauditevidencethatis provide a basis for our opinion. the risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

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

Conclude on the appropriateness of 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 Ind AS 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 thestandaloneIndASfinancialstatements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant internal control audit findings, including any significant 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.

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 section 143(11) of the act, we report in "annexure 1", 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, 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 (including

Other Comprehensive Income), the Statement of Changes in

Equity and the Statement of Cash Flows dealt with by this report are in agreement with the books of account: d. In our opinion, the aforesaid standalone Ind aS financial statements comply with the Ind aS prescribed under section 133 of the act read withthe Companies (Indian accounting

Standards) Rules, 2015, as amended; e. On the basis of the written representations received from the directors as on march 31, 2024, and 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; i. With respect to the adequacy of the internal financial with reference to financial statements of operating effectiveness of such controls, refer to our separate report in "annexure 2"; j. With respect to the other matter to be included in the auditors

Report in accordance with the requirements of section 197(16) of the act, as amended: In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid/ provided by the Company to its directors during the year is in accordance with the provisions of section 197 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: (i) the Company has disclosed the impact of pending litigations financial position its in its standaloneInd AS financial statements Refer Note 32on Contingent Liabilities to the standaloneInd AS financial statements;

(ii) the Company did not have any long term contracts including derivative contracts. Hence, the question of any material foreseeable losses does not arises.

(iii) There has been no delay in transferring amounts, required to be transferred, to the Investor education and protection

Fund by the Company;

(iv) (a) the management has represented that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts, no fundshave 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;

(iv) (b) the management has represented that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts, 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;

(iv) (c) Based on the audit procedures that are considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

(v) the Company has not declared nor paid any dividend during the year. Hence, reporting the compliance with section 123 of the act is not applicable.

(vi) as proviso to rule 3(1) of the Companies (accounts) rules, 2014 is applicable for the company only w.e.f. april 1, 2023, reporting under this clause is not applicable.

For kirtane & pandit llp Chartered accountants

Firm registration no. 105215W/W100057

Mittal shah partner place: mumbai membership no.147370 date: may 30, 2024 UdIn: 24147370BKantH6443 annEXuRE 1 tO tHE inDEpEnDEntau DitORs REpORt

[Referred to in paragraph 1 under ‘Report on Other legal and Regulatory Requirements section in the independent auditors Report of even date to the members of Inditrade Capital Limited("theCompany")onthestandaloneIndASfinancialstatements for the year ended March 31, 2024]

Based on the audit procedures performed for the purpose of reporting a true and fair view on the standalone Ind AS financial statements of the

Company and taking into consideration the information, explanations and written representation given to us by the management and the books of account and other records examined by us in the normal course of audit, we report that: (i) (a) (a) the Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipmentand relevant details of right of use assets (B) the Company has maintained proper records showing full particulars of Intangible assets.

(b) The Company has a regular program of physical verification of Property, Plant and Equipment to cover all the items in a phased manner over a period of threeyears, which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. pursuant to the program, certain

Property, Plant and Equipment were due for verificationduring the year and were physically verified by the management during the year. no material discrepancies were noticed on such verification.

(c) the Company does not have any immovable property and accordingly, reporting under clause (i)(c) ofparagraph 3 of the Order is not applicable.

(d) the Company has not revalued its property, plant and

Equipment (including Right of Use assets) and/or Intangible assets during the year. accordingly, reporting under clause (i) (d) of paragraph 3 of the Order is not applicable.

(e) no proceedings have been initiated or are pending against the Company as at march 31, 2023 for holding any Benami property under the prohibition of Benami property transactions act, 1988 and rules made thereunder.

(ii) (a) the Companys business does not involve inventories, and accordingly, the requirements under paragraph 3(ii)(a) of the

Order is not applicable.

(b) the Company has not obtained any sanctioned working capital limit during the year, from banks and/or financial institutions, on the basis of security of current assets. therefore, reporting under clause (ii)(b) of paragraph 3 of the Order is not applicable

(iii) (a) during the year, the Company has provided loans or provided advances in the nature of loans, or stood guarantee, or provided security to the following entities

sr. no. particulars	Guarantees	security	loans	advances in the nature of loans
1 Aggregate amount granted / provided during the year( In Lacs)
- Subsidiaries	3100	nil	7,805.50	nil
-Joint Ventures	nil	nil	nil	nil
- associates	nil	nil	nil	nil
- Others	nil	nil	nil	nil
2 Balance outstanding as at March 31, 2024 in respect of above cases(in lacs)
- Subsidiaries	17,200	nil	6,365.91	nil
- Joint Ventures	nil	nil	nil	nil
- associates	nil	nil	nil	nil
- Others	nil	nil	nil	nil

(b) the investments made, guarantees provided, security given and the terms and conditions of the grant of all loansand advances in the nature of loans and guarantees provided by the Company during the year are not prejudicial to the interest of the Company. the company has neither provided any security nor any advances in the nature of loans.

(c) the sschedule of repayment of principal and payment of interest in respect of the loans and advances in the nature of loans have not been stipulated as these loans are repayable on demand. thus, we are unable to comment whether the repayments or receipts during the year are regular and report amounts overdue for more than ninety days, if any, as required under clause (iii)(d) of paragraph 3 of the Order (d) as explained in clause iii(c) of paragraph 3 of the Order, reporting under clause (iii)(d) of paragraph 3 of the Order is not applicable.

(e) there were no loans or advances in the nature of loan granted which has/have fallen due during the year, have been renewed or extended. Further, there were no instances of fresh loans being granted to settle the overdues of existing loans given to the same parties.

(f) Company has granted loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment. details of the same are as below

particulars	Related parties (in lacs)
aggregate amount of loans/advances in nature of loan
- repayable on demand (a)	2,159.52
- agreement does not specify any terms or period of repayment (B)	nil
total (a+B)	2,159.52
percentage of loans/advances in nature of loan to the total loans	100%

(iv) the Company has complied with the provisions of sections 185 and 186 of the act in respect of grant of loans, making investments and providing guarantees and securities, as applicable.

(v) In our opinion, the Company has not accepted any deposits or amounts which are deemed to be deposits. accordingly, reporting under clause (v) of paragraph 3 of the Order is not applicable. (vi) the Central Government has not prescribed the maintenance of cost records for any of the products of the Company under sub-section (1) of section148 of the act and the rules framed there under. (vii) (a) the Company is regular in depositing with the appropriate authorities, undisputed statutory dues including Goods and

Services tax (GSt), provident fund, employees state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and any other material statutory dues applicable to it, in all cases during the year. during the year 2017-18, sales tax, value added tax, service tax and duty of excise subsumed in GSt and are accordingly reported under GSt.

Undisputed amounts of rs. 32,552 payable in respect of provident fund, employees state insurance, income tax, GSt, customs duty, cess and any other material statutory dues applicable to it, were outstanding, at the year end, for a period of more than six months from the date they became payable.

(b) the dues outstanding with respect to provident fund, employees state insurance, income tax, GSt, sales tax, service tax, value added tax, customs duty, excise duty and cess, on account of any dispute, are as follows: statement of Disputed Dues name of the statute nature of the dues amount Rs.(in lacs) period to which the amount relates Forum where dispute is pending

Income tax act, 1961	Income tax	260.42	aY s 2008-09, 2010-11, 2011-12, 2017-18	Commissioner of Income tax (appeals)/Itat
Finance act, 1994	Indirect tax	374.76	FYs 2016-17, 2017-18, 2018-19, 2019-20, 2020-21	Commissioner (appeals) of Central excise and Customs

(viii) We have not come across any transaction which were previously not recorded in the books of account of the Company that have been surrendered or disclosed as income during the year in the tax assessments under the Income tax act, 1961.

(ix) (a) the Company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender.

(b) the Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.

(c) the Company did not obtain any money by way of term loans during the year accordingly, reporting under clause (ix)(c) of paragraph 3 of the Order is not applicable

(d) On an overall examination of the standalone Ind AS financial statements of the Company for the year, the Company has not used funds raised on short-term basis for long-term purposes.

(e) On an overall examination of the standalone Ind AS financial statements of the Company, the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries or associate as defined the act.

(f) the Company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies, as defined under the Act.

(x) (a) the Company has not raised money by way of initial public issue offer / further public offer (including debt instruments) during the year. therefore, reporting under clause (x)(a) of paragraph 3 of the Order is not applicable.

(b) the Company has not made any preferential allotment or private placement of shares or convertible debentures (fully, partially or optionally convertible) during the year. therefore, reporting under clause (x)(b) of paragraph 3 of the Order is not applicable.

(xi) (a) during the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud by the Companynor any fraud on the Company has been noticed or reported during the year, nor have we been informed of any such instance by the management.

(b) No report under section 143(12) of the Act has been filed with the Central Government by the auditors of the Company in Formadt-4 as prescribed under rule 13 of Companies (audit and auditors) rules, 2014, during the year or upto the date of this report.

(c) there are no whistle blower complaints received by the Company during the year and upto the date of this report.

(xii) In our opinion, the Company is not a nidhi Company. therefore, reporting under clause(xii) of paragraph 3 of the Order isnot applicable.

(xiii) all transactions entered into by the Company with the related parties are in compliance with sections 177 and 188 oftheact,where applicable and the details have been disclosed in the standalone Ind

AS financial statements as required by the applicable accounting standards.

(xiv) (a) In our opinion, 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) the Company has not entered into any non-cash transactions with its directors or persons connected with them during the year and hence, provisions of section 192 of the act are not applicable to the Company.

(xvi) (a) The Company is not required to be registered under section45-

Ia of the reserve Bank of India act, 1934.therefore, reporting under clause (xvi)(a) and (b) of paragraph 3 of the Order are not applicable.

(b) the Company has not conducted any non-Banking Financial or Housing Finance activities without having a valid Certificate of registration (Cor) from the reserve Bank of India as per the reserve Bank of India act, 1934.

(c) The Company is a Core Investment Company (CIC) as defined in Core Investment Companies (reserve Bank) directions, 2016 ("directions") by the reserve Bank of India and it is exempted from obtaining registration as per the directions.under Further, the Company continues to fulfil the criteria for non-registration as CIC.

(d) as informed by the Company, the Group to which the Company belongs has not more than one CIC as part of the Group. (xvii) the Company has not incurred cash losses in the current and the immediately preceding financial year.

(xviii) there has been no resignation of the statutory auditors during the year and accordingly, reporting under clause (xviii) of paragraph 3 of the Order is not applicable.

(xix) On the basis of the financial ratios, realisation of financial assets and other information accompanying the standalone Ind AS financial statements to the extent furnished to us and our knowledge of the Board of directors and management plans as represented to us and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which cause us to believe that any material uncertainty exists as on the date of this audit report and 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 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 to the Company. Hence, reporting under clause (xx) of paragraph 3 of the Order is not applicable.

For kirtane&pandit llp Chartered accountants

Firm registration no. 105215W / W100057

Mittal shah partner place: mumbai membership no.147370 date: may 30, 2024 UdIn: 24147370BKantH6443 annEXuRE 2 tO tHE inDEpEnDEntau DitORs REpORt

[Referred to in paragraph 2(i)under ‘Report on Other legal and Regulatory Requirements section in our independent auditors Report of even date to the members of Inditrade Capital Limited on the standalone Ind AS financial statements for the year ended March 31, 2024]

Report on the internal Financial Controlswith reference to Financial statementsunder clause (i) of sub-section 3 ofsection 143 of the Companies act, 2013 ("the act")

We have audited the internal financial controls with reference to financial statements of nditrade Capital limited ("the Company") as of march

31, 2024 in conjunction with our audit of the standalone Ind AS financial statements of the Company for the year ended on that date.

Managements Responsibility for internal Financial Controls the Companys management is responsible for establishing and on the internal control with maintaininginternal reference to financial statements 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 (the "Guidance note") 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 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

Our responsibility is to express an opinion on the Companys internal financial controls with reference to financial statements based on our audit. We conducted our audit in accordance with the Guidance note and the Standards on Auditing specified under section 143(10) of the Act to the extent applicable to an audit of internal financial controls, both issued by the ICaI. 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 with reference to financial statements 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 with reference to financial statements and their operating effectiveness.

Our audit of internal financial controls with reference to financial statements included obtaining an understanding of internal financial controls with reference to financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal controls based on the assessed risk. the procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the auditevidencewehaveobtainedissufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls with reference to financial statements.

Meaning of internal Financial Controls with reference to Financial statements a companys internal financial control with reference to financial statements 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 with reference to financial statements 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 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 financial statements. i nherent limitations of nternal Financial Controls with reference toi Financial statements

Because of the inherent limitations of internal financial controls with reference to 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 financial statements to future periods are subject to the risk that the internal financial controls with reference to financial statements 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, the Company has, in all material respects, adequate internal financial controls with reference to financial statements and such internal financial controls with reference to financial statements were operating effectively as at march 31, 2024, based on the internal control with reference to financial statements criteria established by the Company considering the essential components of internal controls stated in the Guidance note issued by the ICaI.

For kirtane & pandit llp Chartered accountants

Firm registration no.105215W / W100057

Mittal shah partner

place: mumbai

membership no.147370

date: may 30, 2024

UdIn: 24147370BKantH6443