BJ Duplex Boards Ltd.की ऑडीटर रिपोर्ट

Mar 31, 2025

Report on the Standalone Ind AS Financial Statements

Opinion

We have audited the accompanying standalone Ind AS financial statements of B.J. DUPLEX LIMITED ("the Company”), which comprise the Balance Sheet as at Match 31, 2025, and the Statement of Profit and Loss (including other comprehensive income), the Statement of ((ash Flows, and the Statement of Changes in Equity for the year then ended, and a summary of significant accounting policies and other explanatory information (hereinafter referred to as Ind AS Financial Statements).

In our opinion and to the best of our information and according to the explanation given to 11s, the aforesaid standalone Ind AS financial statements give the information required by the Companies Act, 2013 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31,2025, the loss and total comprehensive loss, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act. 2013. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Ind ASFinancial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together witli the ethical requirements that are relevant to our audit of the Ind AS financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

We draw attention to Note 16(2) of the attached financial Statements which indicates that the Company incurred a net loss of Rs. 2123.4.3 (Rs. In thousand) during the year ended 31st March 2025 and. as of that date matters in Note 16(2), indicate that company’s current liabilities exceed current assets, that indicated that a material uncertainty exist that may cast significant doubt on the Company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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 of the current period. These matters were addressed in the context of our audit ol the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

I Sr. No.	Key Audit Matter	Auditor''s Response
i	Our finding with respect to Going Concern	As included in Note 16(2) to the financial statements, the Company’s financial statements have not been prepared using the going concern basis of accounting. The use of this basis of accounting is inappropriate as management either intended to liquidate the Company or to cease operations, or has no realistic alternative but to do so. As part of our audit of the financial statements, we concur with management in the preparation of the Company’s financial statements not on the basis of going concern. Management has identified material uncertainties that may cast significant doubt on the Company’s ability to continue as a going concern, and accordingly disclosed in the financial statements. Based on our audit of the financial statements, we also have identified such a material uncertainty.
2	Taxation Significant judgments are required in determining provision of income taxes, both current and deferred, as well as the assessment of provision fot uncertain tax position including estimates of interest and penalties where appropriate.	We evaluated the design and implementation of controls in respect of provision for current tax and the recognition and recoverability of deferred tax assets. We discussed with management the adequate implementation of policies and control regarding current and deferred tax. We examined the procedure in place Tor the current and deferred tax calculation for completeness and valuation and audited the related tax computation and estimates in the light of our knowledge of the tax circumstances. Our work was conducted with our tax specialist. We performed the assessment of the material components impacting the tax expenses, balance and exposures. We reviewed and challenged the information reported by components with the support of our own tax specialist, where appropriate. In respect of deferred tax assets and liabilities, we assess the appropriateness of management’s assumptions and estimates to support deferred tax assets for tax losses carried forward and related disclosures in financial statements. Based on the procedure performed above, we obtained sufficient audit evidence to corroborate management’s estimates regarding current and deferred tax balances.

The Company’s Board of Directors is responsible for the other information. The other information comprises the information included in the Annual report but does not include the Ind AS financial statements and our auditor’sreport thereon. The Annual Report is expected to be made available to us alter the date of this Auditor’s Report. Our opinion on the Ind AS linanciai statements docs not cover the other information and vve do not express any form of assurance conclusion thereon.

In connection with our audit of the 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 financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

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

Responsibilities of Management and Those Charged with Governance for the Standalone Ind AS Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these standalonelnd AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the company of the Company in accordance with accounting principles generally accepted in India, including the Indian Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 and the Companies (Indian Accounting Standards) Rules, 2015.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 theind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing theind AS financial statements, the board of directors is responsible for the assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The Board of Directors are also responsible for overseeing the company’s financial reporting process.

Auditor’s Responsibility for the Audit of Ind AS Financial Statements

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

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

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

• Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)0) of the Act. we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.

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

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

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

Materiality is the magnitude of misstatements in the standalone lnd AS financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the lnd AS financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results ol our work; and (ii) to evaluate the effect of any identified misstatements in the lnd AS financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

from the matters communicated with those charged with governance, we determine those matters that were ol most significance in the audit of the standalone lnd AS financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order. 2020 (“the Order”), issued by the Central Government of India in terms of sub-section (I I) of section 143 of the Companies Act, 2013, we give in the Annexure ‘A''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, and the Statement of Profit and Loss including the Statement of Other Comprehensive Income, the Cash Flow Statement and the Statement of Changes in Equity dealt with by this Report arc in agreement with the books of account.

(d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 and the Companies (Indian Accounting Standards) Rules, 2015, as amended.

(e) On the basis of the written representations received from the directors as on 31st March, 2025 taken on record by the Board of Directors, none of the directors is disqualified as on 31 st March, 2025 from being appointed as a director in terms of Section 164 (2) of the Act.

(f) With respect to the adequacy of the internal financial control over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in “Annexure B” to this report.

(g) With respect to the matters to be included in the Auditor’s Report in accordance with the requirements of section 197 (16) of the Act. as amended, the reporting requirements are not applicable since the Company has not paid any managerial remuneration during the year.

(h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

(i) The Company has disclosed the impact of pending litigations on its financial position in itslnd AS financial statements.

(ii) The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts

(iii) There were no amount which were 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, no funds (which arc 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, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries’'') or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(b) The Management has represented, that, to the best of its knowledge and belief, no funds (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 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;

(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 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 any dividend during the year. Hence, reporting requirements under rule I 1(0 of Companies (Audit and Auditors) Rules, 2014 are not applicable to the Company,

(vi) (a) Based on our examination carried out in accordance with the Implementation

Guidance on Reporting on Audit Trail under Rule 11(g) of the Companies (Audit and Auditors) Rules,2014 (Revised 2025 Edition) issued by the Institute of Chartered Accountants of India, which included test checks, we report that the company has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software. Further during the course of our audit we did not come across any instance of audit trail feature being tampered with.

(b) Additionally, the audit trail has been preserved by the company as per the statutory requirements for record retention. Our examination of the audit trail was in the context of an audit of financial statements carried out in accordance with the Standard of Auditing and only to the extent required by Rule 11(g) of the Companies (Audit and Auditors) Rule, 2014. We have not Carried out any audit or

examination of tlie audit trail beyond the matters required by the aforesaid Rule 11(g) nor have we carried out any standalone audit or examination of audit trail.

---

Mar 31, 2024

We have audited the accompanying standalone Ind AS financial statements of B J DUPLEX
LIMIlhD (“the Company”), which comprise the Balance Sheet as at March 31, 2024. and the
Statement ol Profit and Loss (including other comprehensive income), the Statement of Cash Flows
and the Statement Of Changes in Equity for the year then ended, and a summary of significant''
accounting policies and other explanatory information (hereinafter referred to as Ind AS Financial
Statements).

In our opinion and to the best of our information and according to the explanation given to us the
a oresu''d standalone Ind AS financial statements give the information required by the Companies Act,
‘ “ ^{the manner} so required and give a true and fair view in conformity with the accounting

principles generally accepted in India, of the state of affairs of the Company as at March 31 2024 the
loss and total comprehensive loss, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

Wc conducted our audit in accordance with the Standards on Auditing (SAs) specified under section
14.s( 10) ot the Companies Act, 2013. Our responsibilities under those Standards are further described
m the Auditor’s Responsibilities for the Audit of the Ind ASFinancial Statements section of our
report. We are independent ot the Company in accordance with the Code of Ethics issued by the
Institute ol Chartered Accountants of India together with the ethical requirements that are relevant to
our audit ot the Ind AS financial statements under the provisions of the Companies Act, 2013 and the
Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the Code of Ethics. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

We draw attention to Note 16(2) of the attached financial Statements which indicates that the Company
inclined a nel loss ol Rs. 7447.12 (Rs. In thousand) during the year ended 31st March 2024 and as of
that date matters in Note 16(2), indicate that company’s current liabilities exceed current assets, thar
indicated that a material uncertainty exist that may cast significant doubt on the Company’s ability to
continue as a going concern. Our opinion is not modified in respect of this matter.

Z l“l those matters that^f^ ^{t =}

audit of the standalone finaned and in forming our opinion thereon

context of our audit of the stan none matters We have determined the matters described

and we do not provide a separate opinion on these matters, we

kj™* hr the kev audit matters to be communicated in our report. ----.

i	Sr. No.	Kev Audit Matter __ )ur finding with respect to ioing Concern	A II (HUH * --;---• , As included in Note ^6(2) to lhT7ir.anc.aJ statements, the Company’s financial statements have not been prepared using the going concern basis ot accounting. The use of this basis of accounting is inappropriate as management either intended tc liquidate the Company or to cease operations, or lias no realistic alternative but to do so. As part of our audit of the financial statements, we concur with management in the preparation ot t e Company''s financial statements not on the basis ol going concern. . , .. Management has identified material uncertainties that may cast significant doubt on the ( ompany s ability to continue as a going concern, and accordingly disclosed in the financial statements. Based on our audit of the financial statements, we also have identified such a material uncertainty.
	2	Taxation Significant judgments are required in determining provision ot income taxes, both current and deferred, as well as the assessment of provision for uncertain tax position including estimates of interest and penalties where appropriate.	We evaluated the design and implementation ot controls in respect of provision for current tax and the recognition and recoverability ot deterred lax assets We discussed with management the adequate implementation ot policies and control icgaiding current and deferred tax. We examined the procedure in place for the current and deferred tax calculation for completeness and valuation and audited the related tax computation and estimates in the light of our knowledge ot the tax circumstances. Our work was conducted with our tax specialist. We performed the assessment of the material components impacting the tax expenses, balance and exposures. We reviewed and challenged the information reported by components with the support of our own tax specialist, where appropriate. In respect of deferred tax assets and liabilities, we assess the appropriateness of management’s assumptions and estimates to support deterred tax assets for tax losses carried forward and related disclosures in financial statements. Based on the procedure performed above, we obtained sufficient audit evidence to corroborate management''s estimates regarding current and deferred tax balances.

I lie Company s Board of Directors is responsible for the other information. The other information
comprises the information included in the Annual report but does not include the Ind AS financial
statements and our auditor''s report thereon, fhe Annual Report is expected to lie made available to us
after the date of this Auditor''s Report. Our opinion on the Ind AS 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 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
financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated.

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

Responsibilities uf Management and Those Charged with Governance for the Standalone Ind
AS Financial Statements

The Company s Board of Directors is responsible for the matters stated in Section 134(5) of the
Companies Act. 2013 (“the Act”) with respect to the preparation of these standalonelnd AS financial
statements that give a true and fair view of the financial position, financial performance including
otlici comprehensive income, cash flows and changes in equity of the company of the Company in
accordance with accounting principles generally accepted in India, including the Indian Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules. 2014 and the Companies (Indian Accounting Standards) Rules, 2015.This responsibility also
includes maintenance of adequate accounting records in accordance w ith the provisions of the Act for
safeguarding ot the assets ot the Company and for preventing and detecting frauds and other
iiicgularitics: selection and application ot appropriate accounting policies; making judgments and
estimates that arc 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 thelnd AS financial
statements that give a true and fair view and are free from material misstatement, whether due to fraud
or error.

In preparing thelnd AS financial statements, the board of directors is responsible for the assessing the
Company s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the Board of Directors either intends
to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The Board
ot Directors are also responsible for overseeing the company’s financial reporting process.

Auditor’s Responsibility for the Audit of Ind AS Financial Statements

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

As part of an audit in accordance with SAs. we exercise professional judgment and maintain
professional scepticism 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 obtain audit evidence that is sufficient and appropriate to provide a basis for
our opinion. The risk of not detecting a material misstatement resulting from fraud is higher
than for one resulting from error, as fraud may involve collusion, forger)'', intentional
omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal financial controls 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 system in place and the operating effectiveness of such

controls.

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

• Conclude on the appropriateness of management’s use of the going concern basis of
accounting and. based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Company’s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor''s report to the related disclosures in the 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 auditor''s 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 Ihe disclosures, and whether the standalone Ind AS financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in (he standalone Ind AS financial statements that,
individually or in aggregate, makes it probable that the economic decisions of a reasonably
knowledgeable user of the Ind AS financial statements may be influenced. We consider quantitative
materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the
results of our work; and (ii) to evaluate the effect of any identified misstatements in the Ind AS
financial statements.

We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and
other matters that may reasonably be thought to bear on our independence, and where applicable,
related safeguards.

From the matters communicated with those charged with governance, vve determine those matters that

were of most significance in the audit of the standalone Ind AS financial statements of the current
period and are therefore the key audit matters. We describe these matters in our auditor''s report unless
law or regulation precludes public disclosure about the matter or when, in extremely rare
circumstances, we determine that a matter should not be communicated in our report because the
adverse consequences of doing so would reasonably be expected to outweigh the public interest
benefits of such communication.

Report on Other Legal anil Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2021) (''The Order"), issued by the
Central Government of India in terms of sub-section (11) of section 143 of the Companies Act,
2013, we give in the Annexure ''A'' 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, \vc 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) fhe Balance Sheet, and the Statement of Profit and l oss including the Statement of Other
Comprehensive Income, the Cash Flow Statement and the Statement of Changes in Equity
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
Accounting Standards specified under Section 133 of the Act. read with Rule 7 ol the
Companies (Accounts) Rules, 2014 and the Companies (Indian Accounting Standards)
Rules. 2015. as amended.

(e) On the basis of the written representations received from the directors as on 31st March,
2024 taken on record by the Board of Directors, none of the directors is disqualified as on
31 st March, 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 financial control over financial reporting of the
Company and the operating effectiveness of such controls, refer to our separate report in
“Annexure B" to this report.

(g) With respect to the matters to be included in the Auditor''s Report in accordance with the
requirements of section 197 (16) of the Act. as amended, the reporting requirements are not
applicable since the Company has not paid any managerial remuneration during the year.

(h) With respect to the other matters to be included in the Auditor''s Report in accordance with
Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of
our information and according to the explanations given to us:

(i) The Company has disclosed the impact of pending litigations on its financial
position in itslnd AS financial statements.

(ii) The Company has made provision, as required under the applicable law or
accounting standards, for material foreseeable losses, if any. on long-term contracts
including derivative contracts

(iii) I here were no amount which were 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 taow''edgc and behef no
funds (which are material either individually or m the aggregate) have been
advanced or loaned or invested (either from borrowed funds or share premmm o
_any other sources or kind of funds) by the Company to or m any other person or
emity including foreign entity (“Intermediaries”), with the understanding, whether
recorded in writing or otherwise, that the Intermediary shall, whether, d.rectly 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 prov.de
any guarantee, security or the like on behalf of the Ultimate Benefic.ar.es,

(b) The Management has represented, that, to the best of its knowledge and belief
no funds (which arc material either individually or in the aggregate) have bee
received bv the Company from any person or entity, including foreign entity
“Funding Parties”), with the understanding, whether recorded m wnt.ng or
otherwise, that the Company shall, whether, directly or indirectly
Other persons or entities identified in any manner whatsoever by or on behalf o
Funding Party (“Ultimate Beneficiaries”) or prov.de any guarantee, security or the

like on behalt ot the Ultimate Beneficiaries,

(c) Based on the audit procedures that have been considered reasonable and
appropriate in the circumstances, noth.ng has come to our notice that has caused u
to believe that the representations under sub-clause (0 and (») of Rule 11(e), as
provided under (a) and (b) above, contain any material misstatement.

(v) The Company has not declared any dividend during the year. Hence reporting
requirements under rule 11(f) of Companies (Audit and Auditors) Rules. 2014 a
not applicable to the Company.

(vi) (a) Based on our examination carried out in accordance with the Implementation

Guidance on Reporting on Audit Trail under Rule 11(g) of the Companies (Audit
and Auditors) Rules,2014 (Revised 2024 Edition) issued by the Institute ot
Chartered Accountants of India, which included test checks, we report that the
company has used an accounting software for maintaining its books of account
which has a feature of recording audit trail (edit log) facility and the same has
operated throughout the year for all relevant transactions recorded in the software.
Further during the course of our audit we did not come across any instance of audit
trail feature being tampered with.

(b) Additionally, the audit trail has been preserved by the company as per the
statutory requirements for record retention. Our examination of the audit trail was
in the context of an audit of financial statements carried out in accordance with the
Standard of Auditing and only to the extent required by Rule 11(g) ot the
Companies (Audit and Auditors) Rule. 2014. We have not Carried out any audit or

* ''

examination of the audit trail heyond the matters required hy the aforesaid Rule
11(g) nor have we carried out any standalone audit or examination of audit trail.

• n V.R. Bansal & Associates
Chartered Accountants

(far vfirm ReeistratioiyNoT$ll6534N

f.*/} /Rajan Bansal)

Dated: 28/05/2024 \ / Partner

Place: Delhi / Membership No. 093591

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