NCL Industries Ltd Auditor Reports

TO THE MEMBERS OF NCL Industries Limited

Report on the Audit of the Standalone Financial Statements Opinion

We have audited the accompanying standalonefinancial under those statements of NCL Industries 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 ended on that date and notes to the standalone financialstatements, including a summary of material accounting policies and other explanatory information (here after referred to as the “standalone financial statements”). in accordance In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial Companies Act, 2013 (the “Act”) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024 and its profit and total comprehensive income, the changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs) specified Standards are further described responsibilities 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 issued thereunder and we have fulfilled our other ethical responsibilities with these requirements and the ICAIs Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements. statements give the information required by the

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements March 31 2024. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. determined the matters described below to be the key audit matters to be communicated in our report.

Information Other than the Financial Statements and Auditors Report Thereon

The Companys Board of Directors is responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis Report, Boards Report including Annexures to Boards Report, Corporate Governance and Shareholders Information, but does not include the standalone financial statements and our auditors report thereon.

Our opinion on the standalone financial not cover the other information and we form of assurance conclusion thereon.

In connection with our audit of the 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.

The said other information is expected to be made available to us after the date of this audit report. When we read the other information, when furnished to us, 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 Board of Directors for the Standalone Financial Statements

The Companys Management and Board of Directors are 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 financialposition, comprehensive income), changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards specified under section the Rules issued thereunder. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selectionand 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. In preparing the standalone financial statements, the Management and Board of Directors are responsible for a going assessing the Companys ability to continue to going concern, disclosing, as applicable, matters concern and using the going concern basis of accounting unless the Management and Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Companys Management and Board of Directors are also responsible for overseeing the Companys financial reporting process.

Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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 statementsdoes with SAs will always detect a material misstatement when it wedonotexpressany 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 financial 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:

Identify and assess the risks of material misstatement of the standalone financialstatements, 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 misstatement resulting from fraud one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal financialcontrol relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls and the operating effectiveness of such controls.

Evaluate the appropriateness of accounting used and the reasonablenessofaccountingestimates and related disclosures made by the management.

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

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

We communicate with those charged with governance regarding, among other matters,forthe planned scope and AuditoftheStandalone timingof 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 standalone financial statements for the year ended 31 March 2024 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 f the Act. expected to outweigh the public interest benefits of such communication.

Other Matters i. Share of Loss of Rs. 84.43 Lakhs from the Companys investment in operations of the Joint Venture (a Partnership firm with equal share, between NCL

Buildtek Limited & NCL Industries Limited) is included in the Standalone Financial Statements for the year controls with reference ended March 31, 2024. The financial information of the said Joint Venture have not been audited by us or any other auditor. This financial information has been furnished to us by the Management and relied upon by us. Our opinion, in so far as it relates to amounts and eness of the Companys operatingeffectiv disclosures included in respect of the Joint Venture, is based solely on such unaudited financial . andotherunauditedfinancialinformation Our opinion on the standalone financial and our report on Other Legal and Regulatory Requirements below, is not modified in respect of the above matters financial of the said Joint Venture furnished to us by the Management.

Report on Other Legal and Regulatory Requirements

1.(A) As required by Section143(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, 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 financial statements comply with the Ind AS specified underSection 133 e) On the basis of the written representations received from the directors as on March 31, 2024 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2024 from being appointed as a director in terms of Section 164(2) of the Act. f) With respect to the adequacy of the internal Standalone financial Financial Statements of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure A”. Our report expresses an unmodifiedopinion on the adequacy and internal financial controls with Standalone Financial Statements. (B) 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 accordingtotheexplanationsgiven to us: i. The Company has disclosed the impact of all pendinglitigations financial position in its onits standalone financial statements. Refer Note 35 to the Standalone Financial Statements. ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses as on 31 March, 2024.

iii. Following are the instances of delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund (IEPF) by the Company.

iv.(a) The Management has represented that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity (“Intermediaries”), with the understanding, whetherrecorded writingor otherwise, that the Intermediaryshall,whether,directlyorindirectlylendtoorinvest identifiedin any otherpersonsorentities manner whatsoever by Beneficiaries”)or provide any guarantee, security onbehalfoftheCompany(“Ultimate 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 (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity (“Funding Parties”),with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend to or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or the like on behalf of the Ultimate (c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations Rule 11(e), as provided under (a) and (b) above, contain any material misstatement. v. The final the year in respect of the same declared for year 2022-2023 is in the previous financial f the Act. accordance with section 123 of the Companies Act 2013 to the extent it applies to payment of dividend. The interim dividend declared and paid by the Company during the year and until the date of this audit report is in accordance with section 123 of the Companies Act 2013.

As disclosed in note 14.1 to the standalone financial the Companyhaveproposedfinaldividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend declared is in accordance with section 123 of the Act to the extent it applies to declaration of dividend. vi. Based on our examination which included test checks, the Company has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility w.e.f 13 April, 2024 and the same has operated throughout the remaining year for all relevant transactions recorded in the software. However, audit trail was not enabled at certain master tables of database level to log any direct data changes (Refer Note 47 to the Standalone Financial Statements). Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with after its implementation.

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from 1 April, 2023, reporting under Rule 11 (g) of the Companies (Audit and Auditors) Rules, 2014 on Beneficiaries; preservation requirements for record retention is not applicable for the financial year ended 31 March, 2024.

(C) With respect to the other matters to be included in the Auditors Report in accordance with the requirements under sub-clause (i) and (ii) of of section 197(16) of the Act, as amended: In our opinion and to the best of our information and according to the explanations dividend paid by the Company during remuneration paid by the company to its directors during the year is in accordance with the provisions of Section 197

2. 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 of the Act, we give in the “Annexure B” a statement on the matters specified Order.

Report on the Internal Financial Controls with reference to Standalone Financial Statements under Clause (i) of sub- eness section 3 of Section 143 of the Companies Act, 2013 (the

“Act”)

We have audited the internal financial controls with reference to Standalone Financial Statements of NCL Industries Limited (the “Company”) as of 31 March, 2024 in conjunctionwith our audit of the standalone Ind AS financial statements of the Company for the year ended on that date.

Managements and Board of Responsibility for Internal Financial Controls

The Management of the Company is responsible for establishing and maintaining internal financialcontrols based on the internal control over financialreporting criteria established by the Company considering the control stated in the essential Guidance Note on Audit of Internal Financial Controls Over Institute Financial Reporting Accountants of India (the “ICAI”). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient 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

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls with reference to Standalone Financial Statements of the Companybasedonouraudit. companys assets that could have We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) issued by the ICAI and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls with reference to Standalone Financial Statements. 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 Standalone 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 system with reference to Standalone Financial Statements and their effectiveness . Our audit operating controls with reference to Standalone ofinternalfinancial Financial Statements included obtaining an understanding controls with reference to Standalone ofinternalfinancial financial statements, assessing the risk that a material weakness exists, and testing and evaluatingthe design of internal control based on and 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 audit evidence we have obtained, is sufficient and appropriate to provide a basis for our audit opinion on the Companys internalfinancialcontrols with reference to Standalone financial statements.

Meaning of Internal Financial Controls with reference to Standalone Financial Statements

A companys internal financialcontrol with reference to Standalone financialstatements 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 Standalone financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflectthe 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 detectionof unauthorised acquisition, use, or disposition a material effect on the financial statements.

Inherent Limitationsof Internal Financial Controls with reference to Standalone Financial Statements

Because of the inherent limitations of internal financial controls with reference to 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 Standalone Financial Statements to future periods are subject to the risk that the internal financialcontrol with reference to Standalone 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, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system with reference to Standalone Financial Statements and such internal financial controls with reference to Standalone Financial Statements were operating effectively as at 31 March, 2024, based on the criteria for internal financial control with reference to Standalone Financial Statements 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 ICAI.

Members of NCL Industries Limited of even date)

To the best of our information and according to the explanations provided to us by the Company and the books of account and records examined by us in the normal course of audit, we state that: i. In respect of the Companys Property, Plant and Equipment and Intangible Assets:

(a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation Property, Plant and Equipment (B) The Company has no intangible assets hence disclosure under this clause does not arise.

(b) The Property, Plant and Equipment have been physically verified Management in accordance with a phased programme of verification, which, in our opinion, of all the provides for physical verification Property, Plant and Equipment at reasonable intervals having regard to the size of the Company and the nature of their assets, the discrepancies noticed on such verification were not material. As ingiven to us, pertheexplanations and the discrepancies are being reconciled and will be dealt with in its accounts by the Company on completion of

(c) According to the information and explanations deeds of all the immovable furnished to us, the title properties disclosed in the financial included in property, plant and equipment are held in the name of the Company as at the balance sheet date. Immovable propertiesof land whose title deeds have been mortgaged as security for loans, guarantees etc., are held in the name of the Company based on the informations received by us.

(d) The Company has not revalued any of its Property, Plant and Equipment during the year.

(e) Based on the information, explanations and representations furnished to us during the course of our audit, no proceedings have been during the year or are pending against the Company as at 31 March, 2024 for holding any benami property under the Prohibitionof Benami Property Transactions Act, 1988 (as amended in of 2016) and rules made thereunder.

ii. (a) As per the information and explanations furnished to us, the companys inventories have been physically verified by the Management during the year. In our opinion, the frequency of such verification is reasonable. The discrepancies duringtheyearbythe noticed on verificationbetween the physical stocks and the book records were not material and have been properly dealt with in books of account.

(b) According to the information and explanations given to us, the Company has been sanctioned working capital limits in excess of Rs. 5 crores, in aggregate, at points of timeduring the year, from banks or financial of security of current assets. With respect to reconciliation. the differences between quarterly statements submitted note 20.2 of the standalone financial statements. statements

iii. (a) As per the information and explanations furnished to us, the Company has not made any investments, provided any guarantee or security or granted any loans or advances in the nature of loans, secured or unsecured, to companies, firms, limited liability partnerships or other parties during the year except to the parties as per the details mentioned below.

(b) As per the information and explanations furnished to us, the investments made and unsecured loan provided by the company, in our opinion, are prima facie, not prejudicial to the interest of the Company

(c) In respect of loans granted provided by the Company, the schedule of repayment of principal and payment of interest has been stipulated and the repayments of principal amounts and receipts of interest are regular as per

(d) andAccording explanations to information given to us and based on the audit procedures performed, in respect of loans granted by the Company, there is no overdue amount remaining outstanding as at the balance sheet date.

(e) According to information and explanations given to us and based on the audit procedures performed, in respect of loans granted by the Company, there are no overdues to the loans granted and no loans have been renewed or extended or fresh loans granted to settle the overdues of existing loans given to the same parties. Hence, reporting not applicable

(f) According to information and explanations given to us and based on the audit procedures performed, the Company has not granted any loans either repayable on demand or without specifying any terms or period of repayment during the year. Hence, reporting (iii)(f) is not applicable

iv. According to information us, the Company has complied with the provisions of Sections 185 and 186 of the Companies Act, 2013 in respect of loans granted, investments made, ovided, as applicable. pr guarantees,andsecurities

v. According to the information and explanations given to us, the Company has complied with the directives issued by the Reserve Bank of India and the provisions of Sections relevant provisions of the Act and the Rules framed thereunder to the extent notified, with regard to the deposits accepted by the Company. According to the information and explanations given to us, no order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal on the Company in respect of the aforesaid deposits, and therefore, the question of our commenting on whether the same has been complied with or not does not arise.

. vi. The maintenance of cost records has been specified by the Central Government under Section 148(1) of the Companies Act, 2013. We have broadly reviewed the books of account maintained by the Company pursuant to the Companies (Cost Records and Audit) Rules, 2014, as amended, prescribed by the Central Government for maintenance of cost records under Section 148(1) of the Companies Act, 2013, and are of the opinion that, prima facie, the prescribed cost records have been made and maintained by the Company. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete. under clause (iii)(e) is

vii. In respect of statutory dues: (a) According to the information and explanations furnished to us, the Company has generally been regular in depositing undisputed statutory dues, including Goods and Services tax, Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty under clause of Excise, Value Added Tax, Cess and other material statutory dues applicable to it with the appropriate andexplanations authorities.

There were no undisputed amounts payable in respect of Goods and Service tax, Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, Cess and other material statutory dues in arrears as at 31 March, 2024 for a period of more than six months from the date they became payable. 73,74,75 and 76 or any other

(b) Details of statutory dues referred to in sub-clause (a) above which have not been deposited as on 31 March, 2024, on account of disputes, as per the information and explanations furnished to us, are given below:

*Amounts given above are net of amounts deposited explanationsfurnished to us, there were no transactions relating to previously viii. Accordingtotheinformation unrecorded income that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961). on the records examined by us, Accordingtotheinformation and

(a) The Company has not defaulted in respect of repayment of loans or borrowings or in the payment of interest thereon to financialinstitutions . and banks

(b) The Company has not been declaredwillfuldefaulterbyanybank institutionor government or any financial government authority.

(c) To the best of our knowledge and belief, in our opinion, term loans availed by the Company were, applied by the Company during the year for the purposes for which the loans were obtained.

(d) On an overall examination of the financial statements of the Company, funds raised on short- term basis have, prima facie, not been used during the year for long-term purposes by the Company.

(e) On an overall examination of the financial statements of the Company, the Company has not taken any funds from any entity or person onaccount of its subsidiary. ortomeettheobligations

(f) The Company has not raised any loans during the year during the year on the pledge of securities held in its subsidiary and hence reporting on clause 3(ix)(f) of the Order is not applicable.

x. (a) The Company has not raised moneys by way of initialpublic offer or further public offer (including debt instruments) during the year and hence reporting under clause 3(x)(a) of the Order is not applicable.

(b) During the year, the Company has not made any preferential allotment or private placement of shares or convertible debentures (fully or partly or optionally) and hence reporting under clause 3(x)(b) of the Order is not applicable.

xi. (a) No fraud by the Company and no fraud on the Company has been noticed or reported during the year. in Form ADT-4 as prescribed (b) Noreportunder sub-section under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and upto the date of this report and hence reporting under clause 3(xi) (b) of the Order is not applicable.

(c) According to information and explanations given to us, the Company has not received any whistle blower complaints during the year (and upto the date of this report),

xii. The Company is not a Nidhi Company and hence reporting under clause (xii) of the Order is not applicable

xiii. In our opinion, the Company is in compliance with Section 177 and 188 of the Companies Act, 2013 with respect to applicable transactions with the related parties and thedetailsofrelatedpartytransactionshave been disclosed in the standalonefinancialstatementsasrequiredbythe existing at the date of this balance sheet, applicable Accounting Standards. xiv. (a) In our opinion the Company has an adequate internal audit system commensurate with the size and the nature of its business.

(b) We have considered, the internal audit reports for the year underaudit,issuedtotheCompany falling due within a period of one during the year and till date, in determining the nature, timing and extent of our xv. According to the information and explanations furnished to us, during the year the Company has not entered into any non-cash transactions with its directors or persons connected with its directors. xvi. (a) In our opinion, based on the information and explanations furnished to us by the company it is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

(b) In our opinion, based on the information explanations furnished to us by the company, it has not conducted any Non-Banking Financial or Housing Finance activities.

(c) In our opinion, based on the information and explanations furnished to us by the company, there is no core investment company within the Group (as defined in the Core Investment Companies (Reserve Bank) Directions, accordingly reporting under clauses 3(xvi) (c) &(d) of the Order are not applicable.

xvii. The Company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

xviii. There has been no resignation of the statutory auditors of the Company during the year.

xix. On the basis of the financial ratios, ageing and expected dates of realisation of financial assets payment of financial accompanying the financial knowledge of the Board of Directors and Management plans and based on our examination supporting the assumptions, nothing attention, which causes us to believe that any uncertainty exists as on the date of the audit report indicating that Company is not capable of meeting its as liabilities 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 from the balance sheet date, will get discharged by the procedures. Company as and when they fall due.

xx. (a) According to the information and explanations furnished to us by the company, there are no unspent amounts towards Corporate Social Responsibility (CSR) other than ongoing projects requiring a transfer to a Fund specified Schedule VII to the Companies Act in compliance with second proviso to sub-section (5) of Section 135 of the said Act.

(b) According to the information and explanations given to us and based on our examination of the and records of the Company, there are no unspent amounts in respect of ongoing projects, that are required to be transferred to a Specified Fund under sub-section (6) of section 135 of the Companies Act.

xxi. According to the information and explanations given to us, and based on the report of the other auditor of the Subsidiary company furnished to us, 2016) and there are no qualifications / adverse remarks in the Companies (Auditors Report) Order (CARO) report of the Subsidiary Company included in the Consolidated financial statements.