We have audited the standalone Ind AS financial statements of Garbi Finvest Limited ("The Company"),
(PAN: AAACG9335R),which comprise Balance Sheet as at 31^st March 2024, , the Statement of Profit and Loss,
Statement of Changes in Equity and Statement of Cash Flows for the year then ended, and notes to the
financial statements, including a summary of significant accounting policies and other explanatory
information (hereinafter referred to as "the financial statements")

We do not express an opinion on the accompanying financial statements of the entity. Because of the
significance of the matters described in the basis for Disclaimer of Opinion section of our report, we have
not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these
financial statements.

Basis for Disclaimer of Opinion

The Company has not followed the system of estimated credit loss (ECL) model as determined under IndAS
109 of the financial instruments. The company has failed to comply with the implementation of Internal
Financial Control (IFC) as mandated by the Companies Act, 2013. Furthermore, the company has not
provided the necessary control design documentation. Without this critical information, we are unable to
conduct tests or form an opinion on the effectiveness of the management controls.

Emphasis of Matters:

We draw attention to the Standalone Financial Statements, which fully describe that the Company has not
recognized any impairment on financial assets to reflect the business impact and any uncertainties arising
out of the same. Such estimates are based on current facts and circumstances and may not necessarily
reflect future uncertainties.

Our opinion is modified in respect of this matter.

Key audit matters (KAM) are those matters that, in our professional judgment, were of most significance in
our audit of the financial statements of the current period. These matters were addressed in the context of
our audit of the Standalone Ind AS financial statements for the year ended March 31,2024. These matters
were addressed in the context of our audit of the standalone Ind AS 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 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.

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

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 Standalone
financial statements and our auditor's report thereon. The Company's 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 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.

If, based on our work, we determine that there is a material misstatement in the other information or the
financial statements, we are obligated to report this fact.

Managements and Board of Directors Responsibility for the Financial Statements

The Company's Management and Board of Directors are responsible for the matters stated in section 134(5)
of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial statements that
give a true and fair view of the financial position, financial performance, changes in equity and cash flows of
the Company in accordance with the accounting principles generally accepted 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 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 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 statement 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 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 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 Responsibilities 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.

However, due to the issues outlined in the Basis for Disclaimer of Opinion section of our report, we were
unable to obtain sufficient audit evidence to form a basis for an audit opinion on these financial statements.

Misstatements, whether arising from fraud or error, are deemed material if, individually or in aggregate,
they could reasonably be expected to influence the economic decisions of users relying on these financial
statements.

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

? Identify and assess the risks of material misstatement of the Annual Financial Results, 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.

Ý& 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 disclosure made by the Management and Board of Directors.

? Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in
terms of the requirements specified under Regulation 33 of the Listing Regulations.

? Conclude on the appropriateness of the Management's and Board of Directors' use of the going
concern basis of accounting in preparation of financial statement and, based on the audit evidence
obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the ability of the Company 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 Statement 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 Annual Financial Results, including the
disclosures, and whether the Annual Standalone Financial Results 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 Companies Act, 2013, we give in the

"Annexure 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, 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 not 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 equity and the Cash Flow Statement dealt with by this Report are in agreement
with the books of account.

d) In our opinion, the aforesaid financial statements do not comply with the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e) On the basis of the written representations received from the Directors as on 31^st March,2024 taken on
record by the Board of Directors, none of the Directors is disqualified as on 31^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 controls over financial reporting 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:

a) The company does not have any pending litigations which would impact its financial position.

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

c) There were no amounts which 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, 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, directly or indirectly lend or invest in other persons or entities identified in any
manner whatsoever ("Ultimate Beneficiaries") by or on behalf of the Company or provide any
guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(ii) The management has represented, that, to the best of its knowledge and belief, 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 directly or
indirectly, lend or invest in other persons or entities identified in any manner whatsoever ("Ultimate

Beneficiaries") by or on behalf of the Funding Party or provide any guarantee, security or the like from
or on behalf of the Ultimate Beneficiaries; and

(iii) Based on such audit procedures as 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
(d) (i) and (d) (ii) contain any material misstatement.

e) During the year, the Company has not declared or paid any dividends. Therefore, the provisions of
complying with Section 123 of the Company's Act 2013 are not applicable.

f) The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is applicable from 1
April 2023. Based on our examination which included test checks, except for the instances mentioned
below, the Company has used accounting software's for maintaining its books of account, which have a
feature of recording audit trail (edit log) facility and the same has operated throughout the year for all
relevant transactions recorded in the respective software:

i. The feature of recording audit trail (edit log) facility was not enabled at the database level to log
any direct data changes for the accounting software's used for maintaining the books of account
relating to payroll, consolidation process and certain non-editable fields/tables of the
accounting software used for maintaining general ledger.

ii. The feature of recording audit trail (edit log) facility was not enabled at the application layer of
the accounting software's relating to revenue, trade receivables and general ledger for the
period 1 April 2023 to 31 March 2024. Further, for the periods where the audit trail (edit log)
facility was enabled and operated throughout the year for the respective accounting software,
we did not come across any instance of the audit trail feature being tampered with.

(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 Sanjay Murarka & Associates

Chartered Accountants
Firm Registration No: 010386C

Sanjay Murarka

Partner

Membership No. 079678
UDIN:24079678BKFCQX6191

Place: Varanasi
Date: 30^th May, 2024