We have audited the accompanying financial statements of Sanathnagar Enterprises Limited (“the Company”),which
comprise the Balance Sheet as at March 31, 2024, and the Statement of Profit and Loss,including Other Comprehensive
Income,Statement of Changes in Equityand Statement of Cash Flows for the year then ended, and notes to the financial
statements, including material accounting policyinformation and other explanatoryinformation(hereinafter referred to as the
“financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements
give the information required by the Companies Act, 2013(“the Act') in the manner sorequired and give a true and fair view
in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with Companies (Indian
Accounting Standards) Rules, 2015,as amended(“Ind AS”) and other accounting principles generally acceptedin India, of the
state of affairs of the Company as at March 31, 2024, and profit, other comprehensive income,changes in equityand its cash
flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing (SAs) specified under
section143(10) of the Act.Our responsibilities under those Standards are further describedin the 'Auditor's Responsibilities
for the Audit of the Financial Statements'section of our report. We are independent of the Company in accordance with the
Code of Ethicsissued by the Institute of Chartered Accountants of India (“ICAI”) together with the ethical requirements that are
relevant to our audit ofthe 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 is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

We have determined that there are no key audit matters to communicate in our report.

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the other information. The other information comprises the Director's
reportbut does not include the financial statements and our auditor's report thereon. The Director's report is expected to be
made available to us after the date of this auditor's report.

Our opinion on the 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 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 financial
statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

When we read the Director's report,if we conclude that there is a material misstatement therein, we are required to communicate
the matter to those charged with governanceunder SA 720 'The Auditor's responsibilities Relating to Other Information'.

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

The Company's Board of Directors is responsible for the matters stated in section 134(5) of theAct with respect to the preparation
of these financial statements that give a true and fair view of the financial position, financial performance, changes in equityand
cash flows of the Company in accordance with the accounting principles generallyaccepted in India, including the Accounting
Standards specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting
records in accordance with theprovisions 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, thatwere operating effectively for ensuring the accuracy and completeness of the accounting records,relevant to the
preparation and presentation of the financial statement that give a true and fair viewand are free from material misstatement,
whether due to fraud or error.

In preparing the financial statements, the 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 usingthe going concern basis of accounting
unless the Board of Directors either intends to liquidate the Company orto cease operations, or has no realistic alternative but
to do so.

The Board of Directors are also responsible for overseeing the Company's financial reportingprocess.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether thefinancial statements as a wholeare free from material
misstatement, whether due to fraud or error, and to issue an auditor's reportthat includes our opinion. Reasonable assurance
is a high level of assurance,but is not a guaranteethat an audit conducted in accordance with SAs will always detect a
material misstatement when itexists. Misstatements can arise from fraud or error and are considered material if, individually
or in theaggregate, they could reasonably be expected to influence the economic decisions of users taken onthe basis of
thesefinancial statements.

We give in “Annexure A” a detailed description of Auditor's responsibilities for Audit of the Financial Statements.

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 givein“Annexure B” 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, the Statement of Profit and Loss including other comprehensive income, the Statement of
Changes in Equityand the Statement of Cash Flow dealt with by this Report are in agreement with the books of
account.

(d) In our opinion, the aforesaid financial statements comply with the Indian AccountingStandards specified under
Section 133 of the Act.

(e) On the basis of the written representations received from the directors as on March 31,2024taken on record by the
Board of Directors, none of the directors are disqualified as on March 31,2024 from being appointed as a director in
terms of Section 164 (2) of the Act.

(f) With respect tothe 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 C”.

(g) With respect to the other matters to be included in the Auditor's Report in accordance with Rule'll of the Companies

(Audit and Auditors) Rules, 2014, in our opinion and to the best of ourinformation and according to the explanations

given to us:

i. The Company has disclosed the impact of pending litigations on its financial position initsfinancial statements
- Refer Note 21A to thefinancial statements;

ii. The Company did nothave any long-term contracts including derivative contracts for which there were
anymaterial foreseeable losses.

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

iv. (1) The Management has represented that, to the best of its knowledge and belief, 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.

(2) The Management has represented, that, to the best of its knowledge and belief, 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, as on the date of this audit report, 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 Party (“Ultimate Beneficiaries”) or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries.

(3) Based on the audit procedures performed that have been considered reasonable and appropriate in the
circumstances, and according to the information and explanations provided to us by the Management
in this regard 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 (1) and (2) above, contain any material mis¬
statement.

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

vi. Based on our examination, the Company has used an accounting software for maintaining its books of account
which has a feature of recording audit trail (edit log) facility. The audit trail feature has been operated throughout
the year for all transactions recorded in the accounting software.Further, during the course of our audit, we did
not come across any instance of the audit trail feature being tampered with.

3. In our opinion, according to information, explanations given to us, the remuneration paid by the Company to its

directors is within the limits prescribed under Section 197 read with Schedule V of the Act and the rules thereunder.

For MSKA & Associates

Chartered Accountants

ICAI Firm Registration No. 105047W

Mayank Vijay Jain
Partner

Membership No. 512495
UDIN: 24512495BKFPTY6082

Place: Mumbai
Date: April 18, 2024