TCI Industries Ltd Auditor Reports

TO THE MEMBERS OF TCI INDUSTRIES LIMITEDReport on the Audit of the Ind AS Financial StatementsOpinion

We have audited the accompanying Ind AS FinancialStatements of TCI Industries Limited ("the Company"),which comprise the Balance Sheet as at March 31,2024, the Statement of Profit and Loss (including OtherComprehensive Income), the Statement of Cash Flows,the Statement of Changes in Equity for the year thenended, and notes to the Financial Statements, includinga summary of the Material accounting policies and otherexplanatory information (hereinafter referred to as "the IndAS Financial Statements").

In our opinion and to the best of our information andaccording to the explanations given to us, the aforesaidInd AS Financial Statements give the information requiredby the Companies Act, 2013, as amended ("the Act")in the manner so required and give a true and fair viewin conformity with the Indian Accounting Standardsprescribed under section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules, 2015,as amended, ("Ind AS") and other accounting principlesgenerally accepted in India, of the state of affairs of theCompany as at March 31, 2024, and its loss (includingother comprehensive income), the changes in Equity andits cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the Ind AS Financial Statementsin accordance with the Standards on Auditing specifiedunder section 143(10) of the Act (SAs). Our responsibilitiesunder those Standards are further described in theAuditors Responsibilities for the Audit of the Ind ASFinancial Statements section of our report. We areindependent of the Company in accordance with the Codeof Ethics issued by the Institute of Chartered Accountantsof India (ICAI) together with the ethical requirements thatare relevant to our audit of the financial statements underthe provisions of the Act and the Rules made thereunder,and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the ICAIs Codeof Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basisfor our audit opinion on the Ind AS Financial Statements.

Key Audit Matters

Key Audit Matters are those matters that, in our professionaljudgment, were of most significance in our audit of the IndAS Financial Statements for the financial year ended 31^stMarch, 2024. These matters were addressed in the context

of our audit of the Ind AS Financial Statements as a whole,and in forming our opinion thereon, and we do not providea separate opinion on these matters. We have determinedthe matters described below to be the key audit matters tobe communicated in our report. For the matters below, ourdescription of how our audit addressed those matters isprovided in that context.

We have fulfilled the responsibilities described in theAuditors responsibilities for the audit of the Ind ASfinancial statements section of our report, including inrelation to these matters. Accordingly, our audit includedthe performance of procedures designed to respond toour assessment of the risks of material misstatement ofthe Ind AS financial statements. The results of our auditprocedures, including the procedures performed toaddress the matters below, provide the basis for our auditopinion on the accompanying Ind AS financial statements.

Sr. No. Key Audit Matters	Auditors Response
1. Litigation Matters	Our audit approach included:
(as described in Note31 to the accompanying Ind AS Financial Statements)	• Inquiry with the concerned department/ officials regarding the status of the most significant disputes and inspection of the key relevant documents.
The Company is involved in various taxes and other legal disputes for which final outcomes cannot be easily predicted and which may or may not result in significant liabilities as the disputes are pending before authorities/ court. The assessment of the risks associated with the litigations is based on complex assumptions, which require the use of judgement and such judgement relates, primarily, to the assessment of the uncertainties connected to the prediction of the outcome of the proceedings and to the adequacy of the disclosures in the financial statements.	• Assessment of assumptions used in the evaluation of potential legal and tax risks by the Company considering the legal precedence and advice received by the Company from its lawyers.
	• Analysis of opinion received from the experts where available.
	• Review of the adequacy of the disclosures in the notes to the financial statements.

 

2. Property, Plant and Equipment	We tested controls in place over the fixed asset cycle, evaluated the appropriateness of capitalisation process, performed tests of details on costs capitalised, assessed the timeliness of the capitalisation of the assets and assessed the de-recognition criteria for assets retired from active use.
There are areas where management judgement impacts the carrying value of property, plant and equipment, and their respective depreciation rates. These include the decision to capitalise or expense costs; the annual asset life review; the timeliness of the capitalisation of assets and the measurement and recognition criteria for assets retired from active use.	In performing these procedures, we reviewed the judgements made by management including the nature of underlying costs capitalised; determination of realisable value of the assets retired from active use; the appropriateness of asset lives applied in the calculation of depreciation; and the useful lives of assets prescribed in Schedule II to the Act.
During the financial year the company has commenced reconstruction and repair activities on part of sea retaining wall, platform and a structure.

Information Other than the Financial Statements andAuditors Report Thereon

The Companys Board of Directors is responsible for theother information. The other information comprises theinformation included in the Management Discussion andAnalysis, Boards Report Including Annexures to BoardsReport and Shareholders information but does notinclude the Ind AS Financial Statements and our AuditorsReport thereon. The annual report is expected to be madeavailable to us after the date of this auditors report.

Our opinion on the Ind AS Financial Statements does notcover the other information and we do not express anyform of assurance conclusion thereon.

In connection with our audit of the Ind AS FinancialStatements, our responsibility is to read the otherinformation and, in doing so, consider whether the otherinformation is materially inconsistent with the Ind ASFinancial Statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude thatthere is a material misstatement of this other information,we are required to report that fact. We have nothing toreport in this regard.

Responsibilities of Management and Those Chargedwith Governance for the Ind AS Financial Statements

The Companys Board of Directors is responsible for thematters stated in section 134(5) of the Act with respectto the preparation of these Ind AS financial statementsthat give a true and fair view of the financial position andfinancial performance including other comprehensiveincome, changes in equity and cash flows of the Companyin accordance with the Ind AS and other accountingprinciples generally accepted in India. This responsibilityalso includes maintenance of adequate accountingrecords in accordance with the provisions of the Act forsafeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selectionand application of appropriate accounting policies;making judgments and estimates that are reasonable andprudent; and design, implementation and maintenance ofadequate internal financial controls, that were operatingeffectively for ensuring the accuracy and completeness ofthe accounting records, relevant to the preparation andpresentation of the Ind AS Financial Statements that give atrue and fair view and are free from material misstatement,whether due to fraud or error.

In preparing the Ind AS Financial Statements, themanagement is responsible for assessing the Companysability to continue as a going concern, disclosing, asapplicable, matters related to going concern and using thegoing concern basis of accounting unless managementeither intends to liquidate the Company or to ceaseoperations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeingthe Companys financial reporting process.

Auditors Responsibilities for the Audit of the Ind ASFinancial Statements

Our objectives are to obtain reasonable assurance aboutwhether the Ind AS Financial Statements as a whole arefree from material misstatement, whether due to fraudor error, and to issue an Auditors Report that includesour opinion. Reasonable assurance is a high level ofassurance, but is not a guarantee that an audit conductedin accordance with SAs will always detect a materialmisstatement when it exists. Misstatements can arise fromfraud or error and are considered material if, individuallyor in the aggregate, they could reasonably be expectedto influence the economic decisions of users taken on thebasis of these financial statements.

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

• Identify and assess the risks of material misstatementof the Ind AS financial statements, whether due tofraud or error, design and perform audit proceduresresponsive to those risks, and obtain audit evidencethat is sufficient and appropriate to provide a basisfor our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than forone resulting from error, as fraud may involve collusion,forgery, intentional omissions, misrepresentations, orthe override of internal control.

• Obtain an understanding of internal financialcontrols relevant to the audit in order to designaudit procedures that are appropriate in thecircumstances. Under section 143(3)(i) of the Act,we are also responsible for expressing our opinionon whether the Company has adequate internalfinancial controls system in place and the operatingeffectiveness of such controls.

• Evaluate the appropriateness of accounting policiesused and the reasonableness of accounting estimatesand related disclosures made by management.

• Conclude on the appropriateness of managementsuse of the going concern basis of accounting and,based on the audit evidence obtained, whethera material uncertainty exists related to events orconditions that may cast significant doubt on theCompanys ability to continue as a going concern.If we conclude that a material uncertainty exists, weare required to draw attention in our Auditors Reportto the related disclosures in the financial statementsor, if such disclosures are inadequate, to modify ouropinion. Our conclusions are based on the auditevidence obtained up to the date of our AuditorsReport. However, future events or conditions maycause the Company to cease to continue as a goingconcern.

• Evaluate the overall presentation, structure andcontent of the Ind AS Financial Statements, includingthe disclosures, and whether the Ind AS FinancialStatements represent the underlying transactions andevents in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in thefinancial statements that, individually or in aggregate,makes it probable that the economic decisions of areasonably knowledgeable user of the financial statementsmay be influenced. We consider quantitative materialityand qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) toevaluate the effect of any identified misstatements in thefinancial statements.

We communicate with those charged with governanceregarding, among other matters, the planned scope andtiming of the audit and significant audit findings, includingany significant deficiencies in internal control that weidentify during our audit.

We also provide those charged with governancewith a statement that we have complied with relevantethical requirements regarding independence, andto communicate with them all relationships and othermatters that may reasonably be thought to bear on ourindependence, and where applicable, related safeguards.

From the matters communicated with those chargedwith governance, we determine those matters that wereof most significance in the audit of the Ind AS FinancialStatements for the financial year ended March 31, 2024and are therefore the key audit matters. We describe thesematters in our Auditors Report unless law or regulationprecludes public disclosure about the matter or when, inextremely rare circumstances, we determine that a mattershould not be communicated in our report because theadverse consequences of doing so would reasonably beexpected to outweigh the public interest benefits of suchcommunication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report)Order, 2020 ("the Order") issued by the CentralGovernment of India in terms of sub-section (11) ofSection 143 of the Act, we give in "Annexure A" astatement on the matters specified in paragraphs 3and 4 of the Order to the extent applicable.

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

a) We have sought and obtained all the informationand explanations which to the best of ourknowledge and belief, were necessary for thepurposes of our audit;

b) In our opinion, proper books of account asrequired by law have been kept by the Companyso far as it appears from our examination ofthose books;

c) The Balance Sheet, the Statement of Profitand Loss including Other ComprehensiveIncome, Statement of Changes in Equity andthe Statement of Cash Flows dealt with by thisReport are in agreement with the relevant booksof account;

d) In our opinion, the aforesaid Ind AS FinancialStatements comply with the Ind AS specifiedunder Section 133 of the Act, read with theCompanies (Indian Accounting Standards)Rules, 2015, as amended;

e) On the basis of the written representationsreceived from the directors as on 31^st March,2024 taken on record by the Board of Directors,none of the directors is disqualified as on 31^stMarch, 2024 from being appointed as a directorin terms of Section 164 (2) of the Act;

f) With respect to the adequacy of the internalfinancial controls over financial reporting of theCompany and the operating effectiveness ofsuch controls, refer to our separate Report in"Annexure B" to this report.

g) In our opinion, the managerial remuneration forthe year ended 31st March 2024 has been paid/provided by the Company to the directors inaccordance with the provisions of section 197read with Schedule V to the Act;

h) With respect to the other matters to be includedin the Auditors Report in accordance withRule 11 of the Companies (Audit and Auditors)Rules, 2014, as amended in our opinion and tothe best of our information and according to theexplanations given to us:

i. The Company has disclosed the impact ofpending litigations on its financial positionin the Ind AS financial statements - ReferNote 31 to the financial statements.

ii. The Company did not have any long-termcontracts including derivative contracts forwhich there were any material foreseeablelosses.

iii. There were no amounts due which wererequired to be transferred to the InvestorEducation and Protection Fund by theCompany.

iv. a) The Management has represented

that, to the best of its knowledgeand belief, no funds (which arematerial either individually or in theaggregate) have been advancedor loaned or invested (either fromborrowed funds or share premium orany other sources or kind of funds)by the Company to or in any otherperson(s) or entity(ies), includingforeign entities ("Intermediaries"),with the understanding, whetherrecorded in writing or otherwise,that the Intermediary shall, whether,directly or indirectly lend or invest inother persons or entities identifiedin any manner whatsoever by or onbehalf of the Company ("UltimateBeneficiaries") or provide any

guarantee, security or the like onbehalf of the Ultimate Beneficiaries,during the year;

b) The Management has represented,that, to the best of its knowledge andbelief, no funds (which are materialeither individually or in the aggregate)have been received by the Companyfrom any person or entity, includingforeign entities ("Funding Parties"),with the understanding, whetherrecorded in writing or otherwise,that the Company shall, whether,directly or indirectly, lend or investin other persons or entities identifiedin any manner whatsoever by oron behalf of the Funding Party("Ultimate Beneficiaries") or provideany guarantee, security or the like onbehalf of the Ultimate Beneficiaries,during the year; and

c) Based on the audit procedures thathave been considered reasonableand appropriate in the circumstances,nothing has come to our notice thathas caused us to believe that therepresentations under sub-clause(i) and (ii) of Rule 11(e), as providedunder (a) and (b) above, contain anymaterial misstatement.

v. The Company has not declared or paidany dividend during the year.

vi. Based on our examination, includingtest checks, the company has utilizedaccounting software with an audit trail(edit log) feature for maintaining its booksof account, which has been consistentlyoperated throughout the year for allrelevant transactions. During our audit, wedid not find any instance of the audit trailfeature being tampered with and the audittrail has been preserved by the companyas per statutory requirements for recordretention.

	For V. Singhi & Associates
	Chartered Accountants
	Firm Registration No.: 311017E
	Sundeep Singhi
	Partner
Place : Mumbai	Membership No.: 063785
Date : May 13, 2024	UDIN: 24063785BKFFTH7987

Annexure - A to the Independent Auditors Report

Referred to in paragraph 1 under ‘Report on OtherLegal and Regulatory Requirements section of ourreport to the members of TCI Industries Limited ofeven date on the Ind AS Financial Statements for theyear ended 31^st March, 2024.

To the best of our information and according to theexplanations provided to us by the Company and thebooks of account and records examined by us in thenormal course of business, we report that:

i. In respect of the Companys Property, Plant and

Equipment and Intangible Asset:

a) A) The Company has maintained proper

records showing full particulars, includingquantitative details and situation of itsProperty, Plant and Equipment.

B) The Company does not have anyintangible asset. Accordingly, reportingunder clause 3(i)(a)(B) of the Order is notapplicable.

b) The Company has a program of physicalverification to cover all the items of Property,Plant and Equipment in a phased manner which,in our opinion, is reasonable having regardto the size of the Company and the nature ofits assets. Pursuant to the program, certainProperty, Plant and Equipment were physicallyverified by the management during the year.According to the information and explanationsgiven to us, no material discrepancies wereidentified on such physical verification.

c) According to the information and explanationsgiven to us, and on the basis of our examinationof the records provided to us, we report that,the title deeds, comprising all the immovableproperties which are freehold, are held in thename of the Company as at the balance sheetdate. In respect of leasehold land that havebeen taken on lease and disclosed underRight of Use asset under Note 3 in the financialstatements, the lease agreements are in thename of the Company.

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

e) According to the information and explanationsgiven to us and on the basis of our examinationof the records of the Company, no proceedingshave been initiated during the year or are pending against the Company for holding anybenami property under the Benami Transactions(Prohibition) Act, 1988 (45 of 1988) and rulesmade there under, as at 31^st March, 2024.

ii. a) The Company does not have any inventory.

Accordingly, reporting under clause 3(ii)(a) ofthe Order is not applicable.

b) The Company has not been sanctionedworking capital limits in excess of five crorerupees, in aggregate, from banks or financialinstitutions on the basis of security of currentassets at any point during the year. Accordingly,reporting under clause 3(ii)(b) of the Order isnot applicable.

iii. (a) According to the information and explanations

given to us, the Company has not made anyinvestments in, provided any guarantee orsecurity to companies, firms and LimitedLiability Partnerships or any other parties duringthe year. All unsecured loans and advancesgranted by the Company in the nature of loansto companies and firms have been receivedback during the year.

iv. In our opinion and according to the information andexplanations given to us, the provisions of Section185 and 186 of the Act in respect of loans givenhave been complied with, wherever applicable.The Company has not made investments in bodycorporates or issued any guarantees and securityduring the year.

v. In our opinion and according to the informationand explanations given to us, the Company has notaccepted any deposits or amounts deemed to bedeposits within the meaning of section 73 to 76 ofthe Companies Act and the rules made thereunder tothe extent applicable during the year and therefore,the provisions of the clause 3(v) of the Order is notapplicable to the Company.

vi. The Central Government has not prescribedmaintenance of cost records under sub-section (1)of section 148 of the Act in respect of any activities ofthe Company. Therefore, the provision of Clause 3(vi)of the said Order is not applicable to the Company.

vii. a) According to the information and explanations

given to us and on the basis of our examinationof the records, the Company is generally regularin depositing undisputed applicable statutorydues including Goods and Services Tax,provident fund, employees state insurance,income tax and any other statutory dues tothe appropriate authorities and there are no undisputed dues outstanding as on 31^st March,2024 for a period of more than six months fromthe date they became payable.

b) In our opinion and according to the informationand explanations given to us, there are nostatutory dues referred in sub-clause(a) whichhave not been deposited on account of anydispute except property tax, as reportedbelow.

Name of the Statue	Nature of Dues	Amount	Period to which the amount relates	Nature of Dues
Bombay Municipal Corporation Act	Property Tax	40.87	2010- 2024	Municipal Corporation of Greater Mumbai
Bombay Municipal Corporation Act	Property Tax	6048.35	2010- 2023	Municipal Corporation of Greater Mumbai

viii. There were no transactions relating to previouslyunrecorded income that have been surrenderedor disclosed as income during the year in the taxassessments under the Income Tax Act, 1961 (43 of1961).

ix. a) According to the information and explanations given to us and on the basis of our examination of the records of the Company,the Company has not defaulted in repayment ofloans or other borrowings or in the payment ofinterest thereon to any lender.

b) According to the information and explanations given to us and on the basis of our examination of the records of the Company,the Company has not been declared a willfuldefaulter by any bank or financial institution or other lender.

c) According to the information and explanationsgiven to us and on the basis of our examinationof the records of the Company, the Companyapplied the term loan for the purpose for whichthe loan was obtained.

d) According to the information and explanationsgiven to us and on the basis of our examination ofthe records of the Company, the funds raised onshort-term basis have not been utilised for long termpurposes.

e) According to the information and explanations givento us and on an overall examination of the recordsof the company, the Company has not taken anyfunds from any entity or person on account of or tomeet the obligations of its subsidiaries, associates orjoint ventures.

f) According to the information and explanations givento us and procedures performed by us, we report thatthe Company has not raised loans during the year onthe pledge of securities held in its subsidiaries, jointventures or associate companies.

x. a) According to the information and explanations given to us, the Company has not raisedmonies by way of initial public offer or furtherpublic offer (including debt instruments).

b) The Company has made private placement ofnon-convertible redeemable preference sharesduring the year. The provisions of Section42 of the Act have been complied with in thisregard and the amount has been utilised for thepurpose for which it was raised. The Companyhas not made any preferential allotmentof shares or fully or partly paid convertibledebentures during the year.

xi. a) To the best of our knowledge and according to the information and explanations given to us,no fraud by the Company or no material fraudon the Company has been noticed or reportedduring the year.

b) No report under sub-section (12) of section143 of the Companies Act has been filed inForm ADT-4 as prescribed under rule 13of Companies (Audit and Auditors) Rules, 2014with the Central Government, during the yearand upto the date of this report.

c) As represented to us by the management, nowhistle-blower complaints have been receivedby the Company during the year.

xii. The Company is not a Nidhi Company. Accordingly,reporting under clause 3 (xii) of the Order is notapplicable to the Company.

xiii. In our opinion and according to the informationand explanations given to us, the Company isin compliance with Section 177 and 188 of theCompanies Act, 2013 where applicable, for alltransactions with the related parties and the detailsof related party transactions have been disclosed inthe financial statements as required by the applicableaccounting standards.

xiv. a) In our opinion the Company has an adequate internal audit system commensurate with thesize and the nature of its business.

b) We have considered the internal audit reportsfor the year under audit, issued to the Companyduring the year and till date, in determiningthe nature, timing and extent of our auditprocedures.

xv. In our opinion and according to the informationand explanations given to us, during the yearthe Company has not entered into any non-cashtransactions with its Directors or persons connectedto its directors and hence provisions of section 192of the Companies Act, 2013 are not applicable to theCompany.

xvi. a) In our opinion and according to the information and explanations given to us, the Companyis not required to be registered under section45-IA of the Reserve Bank of India Act, 1934.Accordingly, reporting under clause 3(xvi) (a),(b) and (c) of the Order is not applicable.

b) In our opinion and according to the informationand explanations given to us, the Companyis not a Core Investment Company (CIC) asdefined in the regulations made by the ReserveBankof India. Accordingly, reporting underclause 3(xvi) (c) of the Order is not applicable.

c) In our opinion and according to the informationand explanations given to us, there is no coreinvestment company within the Group (asdefined in the Core Investment Companies(Reserve Bank) Directions, 2016).

xvii. In our opinion and according to the informationand explanations given to us, the Company hasincurred cash losses in the financial year and in theimmediately preceding financial year. The detail ofcash losses incurred is as follows:

Financial Year	Cash Losses(Rs. in Lakhs)
2023-24	81.93
2022-23	47.09

xviii. There has been no resignation of Statutory Auditorsof the Company during the year.

xix. On the basis of financial ratios, ageing and expecteddates of realisation of financial assets and payment offinancial liabilities, other information accompanyingthe financial statements and our knowledge of theBoard of Directors and Management plans andbased on our examination of the evidence supportingthe assumptions, nothing has come to our attentionwhich causes us to believe that any materialuncertainty exists as on the date of the audit reportindicating that Company is not capable of meetingits liabilities existing at the date of balance sheet asand when they fall due within a period of one yearfrom the balance sheet date. We, however, state thatthis is not an assurance as to the future viability ofthe Company. We further state that our reporting isbased on the facts upto the date of audit report andwe neither give any guarantee nor any assurancethat all liabilities falling due within a period of oneyear from the balance sheet will get discharged bythe company as and when they fall due.

xx. The Company is not required to spend amount inpursuance of the Corporate Social Responsibility asstipulated under Section 135 of the Companies Act,2013. Accordingly, reporting under clause 3(xx)(a)and (b) of the Order is not applicable.

xxi. The Company is not required to prepare ConsolidatedFinancial Statements. Accordingly, clause 3(xxi) ofthe Order is not applicable.

	For V. Singhi & Associates
	Chartered Accountants
	Firm Registration No.: 311017E
	Sundeep Singhi
	Partner
Place : Mumbai	Membership No.: 063785
Date : May 13, 2024	UDIN: 24063785BKFFTH7987

Annexure - B to the Independent Auditors Report

Referred to in paragraph 2(f) under ‘Report on OtherLegal and Regulatory Requirements section of ourreport to the members of TCI Industries Limited ofeven date on the Ind AS Financial Statements for theyear ended March 31, 2024.

Report on the Internal Financial Controls Over FinancialReporting under Clause (i) of Sub-section 3 of Section143 of the Companies Act, 2013 ("the Act")

We have audited the internal financial controls over financialreporting of TCI Industries Limited ("the Company") as of31^st March, 2024 in conjunction with our audit of the Ind ASFinancial Statements of the Company for the year endedon that date.

Managements Responsibility for Internal FinancialControls

The Board of Directors of the Company is responsible forestablishing and maintaining internal financial controlsbased on the internal control over financial reportingcriteria established by the Company considering theessential components of internal control stated in theGuidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of CharteredAccountants of India. These responsibilities include thedesign, implementation and maintenance of adequateinternal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business,including adherence to respective companys policies, thesafeguarding of its assets, the prevention and detection offrauds and errors, the accuracy and completeness of theaccounting records, and the timely preparation of reliablefinancial information, as required under the Act.

Auditors Responsibility

Our responsibility is to express an opinion on the internalfinancial controls over financial reporting of the Companybased on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting (the "Guidance Note")issued by the Institute of Chartered Accountants ofIndia and the Standards on Auditing prescribed underSection 143(10) of the Companies Act, 2013, to the extentapplicable to an audit of internal financial controls. ThoseStandards and the Guidance Note require that we complywith ethical requirements and plan and perform the auditto obtain reasonable assurance about whether adequateinternal financial controls over financial reporting wasestablished and maintained and if such controls operatedeffectively in all material respects.

Our audit involves performing procedures to obtain auditevidence about the adequacy of the internal financialcontrols system over financial reporting and theiroperating effectiveness. Our audit of internal financialcontrols over financial reporting included obtaining anunderstanding of internal financial controls over financialreporting, assessing the risk that a material weaknessexists, and testing and evaluating the design and operatingeffectiveness of internal control based on the assessedrisk. The procedures selected depend on the auditorsjudgement, including the assessment of the risks ofmaterial misstatement of the financial statements, whetherdue to fraud or error.

We believe that the audit evidence we have obtained, issufficient and appropriate to provide a basis for our auditopinion on the internal financial controls system overfinancial reporting of the Company.

Meaning of Internal Financial Controls Over FinancialReporting

A companys internal financial control over financialreporting is a process designed to provide reasonableassurance regarding the reliability of financial reportingand the preparation of financial statements for externalpurposes in accordance with generally acceptedaccounting principles. A companys internal financialcontrol over financial reporting includes those policies andprocedures that (1) pertain to the maintenance of recordsthat, in reasonable detail, accurately and fairly reflect thetransactions and dispositions of the assets of the company;(2) provide reasonable assurance that transactions arerecorded as necessary to permit preparation of financialstatements in accordance with generally acceptedaccounting principles, and that receipts and expendituresof the company are being made only in accordancewith authorisations of management and directors of thecompany; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition,use, or disposition of the companys assets that couldhave a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls OverFinancial Reporting

Because of the inherent limitations of internal financialcontrols over financial reporting, including the possibilityof collusion or improper management override of controls,material misstatements due to error or fraud may occurand not be detected. Also, projections of any evaluationof the internal financial controls over financial reportingto future periods are subject to the risk that the internalfinancial control over financial reporting may becomeinadequate because of changes in conditions, or that thedegree of compliance with the policies or procedures maydeteriorate.

Opinion

In our opinion, to the best of our information and accordingto the explanations given to us, the Company has, in allmaterial respects, an adequate internal financial controlssystem over financial reporting and such internal financialcontrols over financial reporting were operating effectivelyas at 31^st March, 2024, based on the internal control overfinancial reporting criteria established by the Companyconsidering the essential components of internal controlstated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Instituteof Chartered Accountants of India.

	For V. Singhi & Associates
	Chartered Accountants
	Firm Registration No.: 311017E
	Sundeep Singhi
	Partner
Place : Mumbai	Membership No.: 063785
Date : May 13, 2024	UDIN: 24063785BKFFTH7987