Updater Services Ltd.की ऑडीटर रिपोर्ट

Mar 31, 2025

We have audited the standalone financial statements
of Updater Services Limited (the "Company") which
comprise the standalone balance sheet as at 31
March 2025, and the standalone statement of
profit and loss (including other comprehensive
income), standalone statement of changes in
equity and standalone statement of cash flows for
the year then ended, and notes to the standalone
financial statements, including a summary of
material accounting policies and other explanatory
information, in which are included the separate
financial statements of erstwhile Stanworth
Management Private Limited (''SMPL'') and Tangy
Supplies & Solutions Private Limited (''TSSPL'') for
the year ended 31 March 2025, pursuant to the
scheme of Amalgamation of SMPL and TSSPL with
the Company, approved by the National Company
Law Tribunal (''NCLT'') vide its Order dated 8 May
2025 with the appointed date of 1 April 2024.
The financial statements of SMPL and TSSPL
(''components'') for the year ended 31 March 2025
have been audited by another firm of chartered
accountants (''other auditors'').

In our opinion and to the best of our information
and according to the explanations given to us, and
based on the consideration of the reports of the
other auditors on separate financial statements of
the components for the year ended 31 March 2025
, the aforesaid standalone financial statements give
the information required by the Companies Act,
2013 ("Act") 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 31 March 2025,
and its profit and other comprehensive income,
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 Act. Our responsibilities

under those SAs 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 standalone financial
statements under the provisions of the Act 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 obtained by us along
with the consideration of the reports of the other
auditors referred to in the "Other Matters" section
below, is sufficient and appropriate to provide a
basis for our opinion on the standalone financial
statements.

Key Audit Matter

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 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. In addition to the
matters described in the Basis for Opinion section,
we have determined matters described below to
be the key audit matters to be communicated in
our report.

Revenue recognition
See Note 18 to the standalone financial statements
The key audit matter	How the matter was addressed in our audit
The Company is primarily engaged in the business	In view of the significance of the matter, we
of providing facility management services.	applied the following audit procedures in this area, amongst others to obtain sufficient appropriate audit evidence:
Revenues from facility management service	• Obtained an understanding of the process
contracts are recognised over a period of time	followed by the Company for measurement and
in accordance with the requirements of Ind-AS 115, "Revenue from Contracts with Customers"	recognition of revenue;
as and when the Company satisfies performance	• Evaluated the accounting policy for revenue
obligations by rendering the promised services to	recognition by comparing it with the relevant
its customers.	accounting standards;
The performance obligations in the contracts	• Evaluating the design and implementation of
are fulfilled based on customer acceptances for	the Company''s key internal financial controls
delivery of work/ attendance of resources, where	in relation to timing of revenue recognition
applicable, or as per terms of arrangements	and tested the operating effectiveness of such
entered with the customers.	controls for selected samples;
Inappropriate assessment could lead to risk of	• Performed test of details by selecting samples
revenue being recognized before satisfaction of	of revenue transactions recorded during the
performance obligation.	year using statistical sampling. We assessed fulfilment of performance obligations by
The Company and its external stakeholders focus	verifying the underlying documents which
on revenue as a key performance indicator of	included contract with customers, invoices,
the Company. Timing of revenue recognition is a	customer acceptances for delivery of work/
key audit matter as there could be incentives or external pressures to meet expectations resulting	attendance of resources etc., where applicable;
in revenue being overstated or recognized before	• Inspected the credit notes/reversals of revenue,
the control has been transferred.	if any, in the subsequent period to assess if revenue is appropriately recognised in the period in which related service is rendered; • Scrutinised journal entries posted to revenue account on a sample basis, based upon specific risk based criteria to identify unusual or irregular items.

Impairment assessment of non-current investments and loans to subsidiaries
See Note 4 and 5 to the standalone financial statements
The key audit matter	How the matter was addressed in our audit
The Company has significant investment by way of equity and loans in / to subsidiaries at March 31, 2025. The Company performs impairment testing of its investment in subsidiaries when any impairment indicator exists, based on internal or external sources of information. The recoverable amount of the investment in subsidiary, which is based on the higher of the value in use or fair value less costs to sell has been derived using a discounted cash flow model. These models use several key assumptions, concerning estimates of future cash flow forecasts, near and long-term growth rate and the discount rate. We identified the impairment assessment of non-current investments as a key audit matter because the assessment process is complex and involves significant estimates and judgements where applicable.	In view of the significance of the matter, we performed the following audit procedures, amongst others, to obtain sufficient appropriate audit evidence: • Assessed the appropriateness of the accounting policy for impairment of investments in subsidiaries with relevant accounting standards; • Evaluated the design and implementation and tested the operating effectiveness of key controls in respect of the Company''s impairment assessment process, specifically related to the recoverability of the investments, including the estimation of future cash flow forecasts, near and long-term growth rate and the discount rate, where applicable; • Examined the valuation report for the purpose of impairment testing obtained by the Company from an independent Management expert, where applicable; Assessed the professional competence, experience and objectivity of the expert. Further, challenged the work performed by management''s external valuation expert, including the valuation methodology and the key assumptions used; • Involved our internal valuation specialists, where applicable, to examine and evaluate the reasonability of methodology, approach and assumptions used in the valuation carried out for determining the carrying value of investments; • Performed sensitivity analysis considering possible changes in key assumptions used, where applicable; • Compared the carrying value of the Company''s investment in subsidiary with the value in use and assessed the need for impairment (if any). • Evaluated the adequacy of disclosures made in the standalone financial statements in respect of the investment in the subsidiaries.

Other Information

The Company''s Management and Board of Directors
are responsible for the other information. The other
information comprises the information included
in the Annual report, but does not include the
financial statements and 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 will
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
the 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 take necessary
actions, as applicable under the relevant laws and
regulations.

Management''s and Board of Directors''
Responsibilities for the Standalone
Financial Statements

The Company''s Management and Board of Directors
are responsible for the matters stated in Section
134(5) of the Act with respect to the preparation
of these standalone financial statements that
give a true and fair view of the state of affairs,
profit/ loss and other comprehensive income,
changes in equity and cash flows of the Company
in accordance with the accounting principles
generally accepted in India, including the Indian
Accounting Standards (Ind AS) specified under
Section 133 of the Act. This responsibility also
includes maintenance of adequate accounting
records in accordance with the provisions of the
Act for safeguarding of the assets of the Company
and for preventing and detecting frauds and
other irregularities; selection and application of
appropriate accounting policies; making judgments
and estimates that are reasonable and prudent;
and design, implementation and maintenance of
adequate internal financial controls, that were

operating effectively for ensuring the accuracy
and completeness of the accounting records,
relevant to the preparation and presentation of
the standalone financial statements that give
a true and fair view and are free from material
misstatement, whether due to fraud or error.

In preparing the standalone financial statements,
the Management and Board of Directors are
responsible for 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 is also responsible for
overseeing the Company''s financial reporting
process.

Auditor''s Responsibilities 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
Act, we are also responsible for expressing our
opinion on whether the company has adequate
internal financial controls with reference to
financial statements in place and the operating
effectiveness of such controls.

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

• Conclude on the appropriateness of the
Management and Board of Directors use
of the going concern basis of accounting in
preparation of standalone financial statements
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
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

• 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.

• Obtain sufficient appropriate audit evidence
regarding the financial statements of
components of the Company to express an
opinion on the standalone financial statements.
For the components included in the standalone
financial statements, which have been audited
by other auditors, such other auditors shall
remain responsible for the direction, supervision
and performance of the audits carried out by
them. We remain solely responsible for our
audit opinion. Our responsibilities in this regard
are further described in the section titled "Other
Matters" in this audit report.

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 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.

Other Matters

1. We did not audit the separate financial
statements of the components included in
the standalone financial statements of the
Company whose financial statements reflect
total assets (before consolidation adjustments)
of Rs. 297.20 million as at 31 March 2025, total
revenue (before consolidation adjustments)
of Rs. 684.13 million and net cash inflows
(before consolidation adjustments) amounting
to Rs. 4.91 million for the year ended on that
date, as considered in the standalone financial
statements.

The separate financial statements of the
components have been audited by the other
auditors whose reports have been furnished to
us, and our opinion in so far as it relates to the
amounts and disclosures included in respect
of these components, and our report in terms
of sub-section (3) and (11) of Section 143 of
the Act, in so far as it relates to the aforesaid
components, are based solely on the reports
of such other auditors.

Our opinion on the standalone financial
statements, and our report on the Other legal
and Regulatory Requirements below, is not
modified in respect of this matter with respect
to our reliance on the work done and the
reports of the other auditors.

2. The Company has accounted for the
amalgamation of SMPL and TSSPL with the
Company during the year ended 31 March
2025 in accordance with the Scheme of
amalgamation approved by NCLT vide order
dated 8 May 2025. The amalgamation has been
accounted by the Company by restating the
financial information in the financial statements
in respect of prior periods as if it had occurred
from the beginning of the preceding year in the
financial statements as per the requirement of
Indian Accounting Standards.

The corresponding figures for the year ended
31 March 2024, in so far it pertains to the
components, were audited by other auditors
whose report dated 11 May 2024 for SMPL
and 14 May 2024 for TSSPL had expressed an
unmodified opinion.

Our opinion is not modified in respect of the
above matters.

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
Section 143(11) of the Act, based on our audit
and on the consideration of reports of the other
auditors on separate financial statements
of the components, as noted in the ''Other
Matters'' paragraph, 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 A. As required by Section 143(3) of the Act,
based on our audit and on the consideration
of report of the other auditors on separate
financial statements of the components, as
noted in the ''Other Matters'' paragraph, 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 purposes of our audit.

b. In our opinion, proper books of accounts
as required by law have been kept by
the Company so far as it appears from
our examination of those books and the
reports of the other auditors except for
the matters stated in the paragraph 2(B)
(f) below on reporting under Rule 11(g) of
the Companies (Audit and Auditors) Rules,
2014.

c. The standalone balance sheet, 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 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 the written representations
received from the directors as on 31
March 2025 taken on record by the
Board of Directors, none of the directors
is disqualified as on 31 March 2025 from
being appointed as a director in terms of
Section 164(2) of the Act.

f. the qualification relating to the maintenance
of accounts and other matters connected
therewith are as stated in the paragraph
2(A)(b) above on reporting under Section
143(3)(b) and paragraph 2(B)(f) below
on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules,
2014.

g. With respect to the adequacy of the internal
financial controls with reference to financial
statements of the Company and the operating
effectiveness of such controls, refer to our
separate Report in "Annexure B".

B. 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 and based on the consideration of the
reports of the other auditors on separate
financial statements of the components, as
noted in the "Other Matters" paragraph:

a. The Company has disclosed the impact
of pending litigations as at 31 March
2025 on its financial position in its
standalone financial statements - Refer
Note 32 to the standalone financial
statements.

b. 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
- Refer Note 5 and Note 15 to the
standalone financial statements.

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

d (i) The management has represented
that, to the best of its knowledge
and belief, other than as disclosed
in the Note 41 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 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 its knowledge
and belief, as disclosed in the Note
41 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 directly or

indirectly, lend or invest in other
persons or entities identified in any
manner whatsoever by or on behalf
of the Funding Parties ("Ultimate
Beneficiaries") or provide any
guarantee, security or the like on
behalf of the Ultimate Beneficiaries.

(iii) 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 (i) and (ii) above, contain any
material misstatement.

e. The Company has neither declared nor
paid any dividend during the year.

f. Based on our examination which
included test checks and that performed
by the auditor of the components,
except for instances mentioned below,
the Company and the components
have used accounting software for
maintaining its books of account which
have the feature of recording audit trail
(edit log) facility and the same has
operated throughout the year for all the
relevant transactions recorded in the
accounting software:

• The feature of audit trail (edit log)
was not enabled at the database
layer of the accounting software for
the entire audit period.

• The feature of audit trail (edit log)
was not enabled at the application
layer for certain fields of tables for
payroll, procurement, revenue,
property, plant and equipment and
financial reporting processes.

• In respect to components, the audit
trail has been enabled throughout
the year.

Further, where audit trail (edit log) facility was
enabled for the respective accounting software,
we and the other auditors did not come across any
instance of the audit trail feature being tampered
with during the course of our audit. Additionally,
except where audit trail (edit log) facility was
not enabled in the previous year, the audit trail

has been preserved by the Company as per the
statutory requirements for record retention.

C. With respect to the matter to be included in
the Auditor''s Report under Section 197(16)
of the Act:

In our opinion and according to the
information and explanations given to us
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. The remuneration paid to

any director is not in excess of the limit
laid down under Section 197 of the Act.
The Ministry of Corporate Affairs has not
prescribed other details under Section
197(16) of the Act which are required to be
commented upon by us.

For B S R & Co. LLP

Chartered Accountants
Firm''s Registration No.:101248W/W-100022

Sd/-
K Sudhakar

Partner

Place: Chennai Membership No.: 214150

Date: 24 May 2025 ICAI UDIN:25214150BMODGQ8220

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Mar 31, 2023

Independent Auditor’s Report

To the Members of Updater Services Limited (formerly known as Updater Services Private Limited)

Report on the Audit of the Standalone Financial
Statements

Opinion

We have audited the accompanying Standalone
Financial Statements of Updater Services Limited
(“the Company”), which comprise the Balance sheet
as at 31 March 2023, the Statement of Profit and Loss,
including the statement of Other Comprehensive
Income, the Cash Flow Statement and the Statement of
Changes in Equity for the year then ended, and notes
to the Standalone Financial Statements, including a
summary of significant 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 Companies Act, 2013, as amended (“the
Act”) 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 31 March 2023, its profit including other
comprehensive income, its cash flows and the changes
in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the Standalone Financial
Statements in accordance with the Standards on
Auditing (SAs), as specified under Section 143(10) of
the Act. 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 Act 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 audit opinion
on the Standalone Financial Statements.

Other Information

The Company''s Board of Directors is responsible for
the other information. The other information comprises
the information included in the Board of director''s
report, but does not include the Standalone Financial
Statements and our auditor''s report thereon.

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 and, in doing so, consider whether such
other information is materially inconsistent with the
financial statements or our knowledge obtained in the
audit or otherwise appears to be materially misstated.

The Director''s report is not made available to us as at
the date of this auditor''s report. We have nothing to
report in this regard.

Responsibility 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 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, cash flows and changes in equity
of the Company in accordance with the 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 of the assets of the Company
and for preventing and detecting frauds and other
irregularities; selection and application of appropriate
accounting policies; making judgements 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.

Those charged with governance are also responsible for
overseeing the Company''s financial reporting process.

Auditor’s Responsibilities 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 judgement and maintain professional
scepticism 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 Act, we are also responsible for
expressing our opinion on whether the Company has
adequate internal financial controls with reference
to financial statements in place and the operating
effectiveness of such controls.

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

¦ Conclude on the appropriateness of 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.

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 (11) of
Section 143 of the Act, we give in the “Annexure 1”
a statement on the matters specified in paragraphs
3 and 4 of the Order.

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

(a) We have sought and obtained all the
information and explanations which to the best
of our knowledge and belief were necessary
for the purposes of our audit;

(b) In our opinion, proper books of account
as required by law have been kept by the
Company so far as it appears from our
examination of those books;

(c) The Balance Sheet, the Statement of Profit
and Loss including the Statement of Other
Comprehensive Income, the Cash Flow
Statement and 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
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 the written representations
received from the directors as on 31 March
2023 taken on record by the Board of
Directors, none of the directors is disqualified
as on 31 March 2023 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 these
Standalone Financial Statements and the
operating effectiveness of such controls, refer
to our separate Report in “Annexure 2” to this
report;

(g) I n our opinion, the managerial remuneration
for the year ended 31 March 2023 has been
paid/provided by the Company to its directors
in accordance with the provisions of Section
197 read with Schedule V to the Act;

(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, 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 42 to the Standalone 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
- Refer Note 6 and 23 to the Standalone
Financial Statements;

iii. There were no amounts 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, other than as disclosed
in the Note 50 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 persons or entities, 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;

b) The management has represented
that, to the best of its knowledge
and belief and as disclosed in Note
50 to the Standalone Financial
Statements, no funds have been
received by the Company from any
persons or entities, 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

c) 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 (a) and (b) contain
any material misstatement.

v. No dividend has been declared or paid
during the year by the Company.

vi. As proviso to Rule 3(1) of the Companies
(Accounts) Rules, 2014 is applicable for the
Company only wef 1 April 2023, reporting
under this clause is not applicable.

For S. R. Batliboi & Associates LLP

Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004

per Aravind K

Partner

Membership Number: 221268
UDIN: 23221268BGXPPM5643
Place of Signature: Chennai
Date: 6 July 2023