Ceigall India Ltd.की ऑडीटर रिपोर्ट

Mar 31, 2025

We have audited the accompanying Standalone financial
statements of Ceigall India Limited ("the Company"),
which includes three Jointly controlled operations (which
were setup as unincorporated Association of persons)
consolidated on a proportionate basis (refer note no 47
of the standalone financial statements), which comprise
the Standalone Balance Sheet as at March 31, 2025, the
Standalone Statement of Profit and Loss including Other
Comprehensive Income, the Standalone Statement of
Changes in Equity and the Standalone Statement of Cash
Flows for the year then ended, and notes to the standalone
financial statements, including material accounting
policies and other explanatory information (hereinafter
referred to as the "standalone financial statements").

In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
Standalone financial statements give the information
required by the Companies Act, 2013, as amended ("the
Act") in the manner so required and give a true and fair
view in conformity with the Indian Accounting Standards
prescribed under Section 133 of the 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, 2025 and its profit including
other comprehensive income, the changes in equity and
its cash flows for the year ended on that date.

Basis of Opinion

We conducted our audit of the standalone financial
statements in accordance with the Standards on Auditing
(SAs), as 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 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 together with
the ethical requirements that are relevant to our audit
of the financial statements under the provisions of the
Companies Act, 2013 and the Rules made there under,
and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the ICAI''s Code
of Ethics. We believe that the audit evidence we have

obtained is sufficient and appropriate to provide a basis
for our opinion on the standalone financial statements.

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 for the financial year
ended March 31, 2025.

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. For each matter below,
our description of how our audit addressed the matter is
provided in that context.

We have determined the matters described below to be
the key audit matters to be communicated in our report.
We have fulfilled the responsibilities described in the
Auditor''s responsibilities for the audit of the standalone
financial statements section of our report, including in
relation to these matters. Accordingly, our audit included
the performance of procedures designed to respond to
our assessment of the risks of material misstatement of
the standalone financial statements. The results of our
audit procedures, including the procedures performed
to address the matters below, provide the basis for our
audit opinion on the accompanying standalone financial
statements.

Key Audit Matters	Our audit procedures in respect of this area included the following:
Estimation of contract cost and revenue recognition. (Refer to Note 1.2, 2.5(a), 31 and 43) of the Standalone Financial	i. Evaluated
Statements)	(a) the accounting policy for revenue recognition and assessed compliance of the policy with the principles
Revenue from construction contracts is recognised over a	enunciated under Ind AS 115 - ’Revenue from Contracts
period of time in accordance with the requirements of Ind AS 115 ’Revenue from Contracts with Customers''. The contract	with Customer''; and
revenue amounts to Rs. 31,311.80 million for engineering,	(b) internal financial controls related to review and approval of
procurement and construction contracts, which usually	estimated costs and provision for foreseeable losses, if any
extends over a period of 2-3 years, and the contract prices are fixed and, in few cases, subject to clauses with price	by the authorised representatives.
variances and variable consideration. In accordance with	ii. We obtained the revenue workings (percentage
method prescribed under Ind AS 115 ’Revenue from Contracts	of completion calculations) from the Company''s
with Customers'', the contract revenue is measured based on	management, for all contracts, containing actual costs
the proportion of contract costs incurred for work performed	incurred, estimated costs (comprising of actual costs
to date relative to the estimated total costs. This method	and remaining costs to completion), estimated contract
requires the Company to perform an initial assessment of total	revenue and actual revenues recognised during the year
estimated cost and reassess the total construction cost at the end of each reporting period to determine the appropriate	based on proportion of actual costs to estimated costs.
percentage of completion.	For sample of contracts, we agreed contract revenue with key contractual terms, agreed actual costs with system
The estimation of total cost to complete the contract involves	generated reports and agreed estimated costs with costs
significant judgement and estimation throughout the period of	sheets for individual contracts approved by the authorised
contract, as it is subject to revision as the contract progresses	representatives. Reperformed the calculation of revenues
- based on latest available information, changes in cost	during the year using proportion of actual costs to
estimates and need to accrue provision for onerous contracts,	estimated costs and compared the results with workings
if any. Besides recognition of revenues based on actual costs and estimated costs to complete the work, at the period end,	provided by the Company.
the measurement and recognition of contract assets (unbilled	iii. For actual costs incurred during FY 2024-25, we tested the
revenue) and contract liabilities (unearned revenue) related to each of the contracts is also dependent on cost estimates.	samples to appropriate supporting documents.
In view of above, we have considered the estimation of	iv. Evaluated the reasonableness of management''s judgements
construction contract costs as a key audit matter.	and assumptions through comparison of actual margins during the year with base margins estimated at the beginning, comparison between financial progress (proportion of actual costs to estimated costs). v. Assessed the adequacy and appropriateness of the disclosures made in standalone financial statements in compliance with the requirements of Ind AS 115 ’Revenue from Contracts with Customers''.

Valuation of accounts receivable and contract assets	i.	In the absence of confirmations, if any, we have performed
in view of risk of credit losses. (Refer Note 13 and 43(b) -		alternate procedures through verification of Company''s
Trade Receivables and Note 12, 43(b) for contract asset to		invoices approved by the respective customers which
Standalone Financial Statements)		represents acknowledgement of work delivered.
Accounts receivable and Contract assets are significant items	ii.	Performed inquiry procedures with senior management
in the Company''s standalone financial statements aggregating		of the Company regarding status of collectability of the
to Rs. 16975.58 million as of March 31, 2025 and provision for impairment of receivables and contract assets amounted to		receivable and contract assets.
Rs. 66.45 millions and Rs. NIL respectively as at March 31, 2025.	iii.	In respect of material contract balances, corroborated our
The Company has a concentration of credit exposure on certain		inquiry procedures with the correspondence between
customers, which include government organisations, where		the Company and the customers, contracts and other
there are delays in collections due to various reasons. The		documents.
management periodically assess the adequacy of provisions recognised, as applicable, on receivables and contract assets,	iv.	Assessed the inputs used by the Management to determine
based on factors such as credit risk of the customer, status		the amount of allowances by considering factors such as
of the project, discussions with the customers and underlying		cash collections, past history and status of the project, and
contractual terms and conditions. This involves significant judgement. Given the relative significance of these receivables		correspondence with customers.
and contract assets to the standalone financial statements and	v.	Assessed the adequacy and appropriateness of the
the nature and extent of audit procedures involved to assess		disclosures made in the standalone financial statements in
the recoverability of receivables and contract assets, we determined this to be a key audit matter.		this regard.
Assessment of impairment of investment in and loans/other	1.	Evaluated the design and implementation and verified, on
receivables provided to subsidiaries and joint ventures		a test check basis the operating effectiveness of key
(refer Note 6 and 7 to the standalone financial statements)		controls placed around the impairment assessment process of the recoverability of the investments made,
A) The carrying amount of the investments and Loans in		including the estimation of future cash flows forecasts, the
and/ or to subsidiaries and joint ventures held at cost		process by which they were produced and discount rates
less impairment as at March 31, 2025 is Rs. 4112.07 million. These investments are associated with significant risk in		used.
respect of valuation. Changes in business environment	2.	Examined the key controls in place for making investments
could also have a significant impact on the valuation. The		in subsidiaries / joint ventures and evidenced the Board of
investments are carried at cost less any impairment in value of such investments. These investments are unquoted and		Directors approval obtained.
hence it is difficult to measure the recoverable amount. The	3.	Assessed the net worth of subsidiaries / joint ventures on
Company performs an annual assessment of impairment for		the basis of latest available financial statements. Further,
its investments, to identify any indicators of impairment.		Compared the carrying amount of investments with the
which requires management to make significant estimates		relevant subsidiaries/ joint ventures balance sheet to
and assumptions.		identify their net assets, being an approximation of their minimum recoverable amount.
	4.	Tested and verified some of the key assumptions such as future revenue growth, concession period, operations costs, the discount rate and assessments of the status of the project and cost to complete balance work, which were most sensitive to the recoverable value of the investments.
	5.	Verified that the disclosures made in the Company''s standalone financial statements in respect of the investment in the subsidiaries / joint ventures are adequate.

Information other than the Standalone Financial
Statements and Auditors Report Thereon

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 standalone financial statements and our
auditor''s report thereon. The annual report is expected
to be made available to us after the date of this Auditor''s
report.

Our opinion on the standalone financial statements does
not cover the other information and we do not express
any form of assurance conclusion thereon.

In connection with our audit of the standalone financial
statements, our responsibility is to read the other
information identified above when it becomes available
and, in doing so, consider whether such other information
is materially inconsistent with the Standalone financial
statements, or our knowledge obtained in the audit or
otherwise appears to be materially misstated.

When we read the annual report, if we conclude that
there is a material misstatement therein, we are required
to communicate the matter to those charged with
governance and describe actions applicable under the
applicable laws and regulations.

Responsibilities of Management and Those Charged with
Governance for the Standalone 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
Standalone financial statements that give a true and
fair view of the financial position, financial performance
including other comprehensive income, changes in
equity and cash flows of the Company in accordance
with the other accounting principles generally accepted
in India, including the Indian Accounting Standards (Ind
AS) specified under section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules, 2015, as
amended. This responsibility also includes maintenance
of adequate accounting records in accordance with
the provisions of the Act for safeguarding the assets of
the Company and for preventing and detecting frauds
and other irregularities; the selection and application of
appropriate accounting policies, making judgments and
estimates that are reasonable and prudent; and the 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,

management is responsible for assessing the Company''s
ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using
the going concern basis of accounting unless management
either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing
the company''s financial reporting process.

Auditor''s Responsibility for the Audit of the Standalone
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 auditor''s report that includes
our opinion. Reasonable assurance is a high level of
assurance but is not a guarantee that an audit conducted
in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the
basis of these 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 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 control relevant to
the audit in order to design audit procedures that are
appropriate in the circumstances. Under section 143(3)

(i) of the Companies Act, 2013, we are also responsible
for expressing our opinion on whether the company
has adequate internal financial controls with reference
to standalone financial statements in place and the
operating effectiveness of such controls.

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

• Conclude on the appropriateness of management''s use
of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions
that may cast significant doubt on the Company''s
ability to continue as a going concern. If we conclude

that a material uncertainty exists, we are required to
draw attention in our auditor''s report to the related
disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained
up to the date of our auditor''s report. However, future
events or conditions may cause the Company to cease
to continue as a going concern.

• Evaluate the overall presentation, structure and content
of the standalone financial statements, 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, the planned scope and
timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we
identify during our audit.

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

From the matters communicated with those charged with
governance, we determine those matters that were of
most significance in the audit of the standalone financial
statements for the financial year ended March 31, 2025 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

As required by the Companies (Auditor''s Report) Order,
2020 ("the Order''''), issued by the Central Government of
India in terms of sub-section (11) of section 143 of the Act,
we give in the "Annexure A” a statement on the matters
specified in paragraphs 3 and 4 of the Order

As required by section 143 (3) of the Act, we report, to the
extent applicable, 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 purpose 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 Standalone Balance Sheet, the standalone Statement
of Profit and Loss (including other Comprehensive
Income), Standalone Statement of Changes in Equity
and the Standalone 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 Accounting Standards
specified under section 133 of the Act, read with
Companies (Indian Accounting Standards) Rules, 2015,
as amended;

e) On the basis of written representations received from
the directors as on March 31, 2025 taken on record by the
Board of Directors, none of the directors is disqualified
as on March 31, 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
controls with reference to standalone financial
statements and the operating effectiveness of such
controls, refer to our separate Report in "Annexure B”
to this report;

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

i. The Company has disclosed the impact of pending
litigations on its financial position in its standalone
financial statements; Refer Note No. 42 to the
Financial Statements; and

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

iii. There were no amounts which were required to be
transferred to the Investor Education and Protection
Fund by the Company.

iv. (i) The management has represented that, to the best
of it''s knowledge and belief, other than as disclosed
in the note 64 to the standalone financial statements,
no funds have been advanced or loaned or invested
(either from borrowed funds or share premium or any
other sources or kind of funds) by the company to or
in any other person(s) or entity(ies), including foreign
entities ("Intermediaries"), with the understanding,
whether recorded in writing or otherwise, that the
Intermediary shall, whether, directly or indirectly
lend or invest in other persons or entities identified
in any manner whatsoever by or on behalf of the
company ("Ultimate Beneficiaries") or provide
any guarantee, security or the like on behalf of the
Ultimate Beneficiaries;

(ii) The management has represented, that, to the
best of it''s knowledge and belief, as disclosed in
the note 64 to the standalone financial statements,
no funds have been received by the company from
any person(s) or entity(ies), including foreign entities
("Funding Parties"), with the understanding, whether
recorded in writing or otherwise, that the company
shall, whether, directly or indirectly, lend or invest
in other persons or entities identified in any manner
whatsoever by or on behalf of the Funding Party
("Ultimate Beneficiaries") or provide any guarantee,
security or the like on behalf of the Ultimate
Beneficiaries; and

(iii) Based on such audit procedures performed 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) contain any material
misstatement.

v. The dividend declared or paid during the year by
the company is in compliance with section 123 of the
Companies Act, 2013.

vi. Based on our examination, which included test
checks, the Company has used accounting software
for maintaining its books of account for the financial
year ended March 31, 2025, 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 the audit trail feature being tampered
with in respect of the accounting software where
audit trail has been enabled. Additionally, the audit
trail has been preserved by the company as per the
statutory requirements for record retention.

h) With respect to the other matters to be included in the
Auditor''s Report in accordance with the requirements of
section 197(16) of Act, the remuneration paid/provided
by the company to its directors during the current year
is in accordance with the provisions of Section 197 of the
Act read with Schedule V to the Act.

For B D Bansal & Co

Chartered Accountants
Firm Regn.No. 000621N

Anil Kumar Gupta
Partner

M. No.: 089988

UDIN: 25089988BMINIV9667

Place: Ludhiana
Date: 08.05.2025

---

Mar 31, 2024

M/s. Ceigall India Limited

Report on Standalone Financial Statements

Opinion

We have audited the accompanying Standalone financial statements of M/s. Ceigall India Limited ("the Company") which comprise the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended, and notes to the financial statements, including material accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under Section 133 of the 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, total comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis of 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 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 together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules made there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the standalone financial statements.

Responsibility of Management for the Standalone 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 Standalone financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, changes in equity and cash flows of the Company in accordance with the IND AS and other accounting principles generally accepted in India. 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; selection and application of appropriate implementation and maintenance of

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

In preparing the financial statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the company''s financial reporting process.

Auditor''s Responsibility for the Audit of the Financial Statements

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

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

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

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls

• 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 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. /rpSsT/X

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

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.

Other Matters

1. As described in note no. 47 to the financial statements, these financial statements include the company''s proportionate share of assets, liabilities, revenues and expenses in three jointly controlled operations, which are set up as unincorporated Association of persons for construction of roads and highways.

2. As part of our audit of the March 31, 2024 financial statements, we also audited the adjustments described in Note No. 20.1 that were applied to amend the financial statements as at and for the year ended March 31, 2023 and as at April 01, 2022. In our opinion, such adjustments are appropriate and have been properly applied.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor''s Report) Order, 2020 ( the Order ), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the "Annexure A" a statement on the matters specified in paragraphs 3 and 4 of the Order to the extent applicable.

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 purpose 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 under section 133 of the Act.

e) On the basis of 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 financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B";

g) With respect to other matters to be included in the Audit 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 its financial statements. Refer Note No. 42 to the Financial Statements; and

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

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

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

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

(iii) Based on audit procedures which we 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) contain any material misstatement.

v. The dividend declared or paid during the year by the company is in compliance with section 123 of the Companies Act, 2013.

vi. Based on our examination, which included test checks, the Company has used accounting software for maintaining its books of account for the financial year ended March 31, 2024, 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 the audit trail feature being tampered with.

h) With respect to the other matters to be included in the Auditor''s Report in accordance with the requirements of section 197(16) of Act, the remuneration paid by the company to its directors during the current year is in accordance with the provisions of Section 197 of the Act.

For B D Bansal & Co Chartered Accountants

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