M/s. Swatii Projects Limited

Opinion

We h;ne midi Led Lhe accompanying standalone financial statements of M/s. Swati Projects Limited phv Company"), which comprise die Standalone Balance Sheet as at March 31,2024. die Standalone Statement ol brol’u cmd Loss tine hiding Other Comprehensive Income), Standalone Statement of Changes ir, Lquitv and Standalone Statement nf ( :ish Rows lor the year Ihen ended, and notes to Lite standalone luumeial ÝWLLemems. including a MttimtaiA of the significant accounting policies and other explanatory information Ý, hereinafter referred to tis “the standalone rtnancial statements¹").

In our opinion and Lo the best nf out information and according lu the explanations given to us. the' aforesaid standalone financial statements give the information required by Lhe Companies Act, 2d 11 (“the ÝWO in tile maimer so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the A cl read with the Companies (Indian Accounting Standards) [Cile.i. 2015. as amended, ("Jin! AS“) and other accounting principles generally accepLcd in India, of the slate of al fairs of the Conipam as at March 31,2024, the profit and other comprehensive income, changes in equity and its cash flows lor the year ended on that date.

Basis fur Opinion

We ciiiidttcU’d nttr audit id lhe standalone financial statements in accordance with the Standards mi Raining ipccilied under section N3ild) ol'lhe Act. Our responsibilities under those KAs ,jjv lurtlier described m the \udin» s A\ '•//auvibiiiih'^Jb}- the Audit of the Siamkd"W Financicd StJh’iUiOJt-, >vc<n>n m mu' re!>on. We are independent of the Company in accordance with lhe Code of Rhics issued h\ the Institute ol' Chartered Aecounianis of India (1CA1) together with the ethical requirements dial are relevant to our audit of the stand til one financial statements under the provisions of die Aci and die Hides : hereunder, and we have litilillcd our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Lillies. We believe that lhe audit evidence obtained by us is sufficient and appropriate tu pren ide a basis Ibr our audh opinion on the standalone financial sLaLemenLs.

Key Audi I Mullers

Ke\ audit mutters are those matters tfiaL. in our professional judgement, were of most significanee !;i uui utidii ol the standalone luiaiiei.d statements of the current period. These matters were addressed in the Loiitexi ol unr atidil of die standalone fmaiKull statements as a whole, and in forming our opinion thereon, and ue Ju not provide a -separate opinion on these matters,

Hie Company's Managemenl and Board of Directors are responsible for the other information. The oilier in formation comprises the information included in Ihe Company’s annual report, but does not include ihe standalone financial statements and our auditor’s report thereon. The annual report is expected tu be made available lo us tiller ihe dale of this anditors’ report.

Our u pin inn on die itimdaloue financial statements does not cover Lhc other in formal foil and ue ik> not express any I'nrm of assurance conclusion Lhereon.

In connect ion with our audil of Lllo standalone financial statements, our responsibility is lo read die oilier information idenLilied above when it becomes available and, in doing so, consider whether tlic oilier information is inaterially inconsistent with Lire standalone financial slaCements or our knowledge obtained in lhc audit or otherwise appears to be materially misstated.

When we read the annual re poll. if oe conclude that there is ? material misstatement therein. uc aiv iviiuiivd to conin’.unreate die matter to those charged with governance and Lake neeessan actions, as applicable under the role vain kms and regulations,

iM:mugmicnIs mid Hoard oI Directors’ Responsibilities for the Standalone financial Statements

lhc Company's manugemciil and Board of Directors are responsible for Lire matters stated in Section II(S) ot the Companies Act. d(H 2 (The Act’) with respect to the preparation of these standalone I muiiein I lUUemcLils that gi\e a (rue and 111 if view of the stale of affairs, profii/loss and other comprehensive income, changes in equity and cash Hows of the Com party in accordance with the accounting principles genera I h accepted in India. LjloIli Jinu lhc Indian Accounting Standards (Ind AS) specified under section lad of the Act. [his responsibility also includes maintenance of adequate accounting records in accordance with the pro visions of the Act for safe guarding of the assets of the Company and for preventing and detecting J rands and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates (bat arc reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, LhaL were operating effectively for ensuring the accuracy and completeness ol the accounting records, relevant to the preparation find presentation of lhc standalone financial statements that give a true and fair view and are free from material misstatement, whether due in fraud or error.

In preparing lhc standalone financial staLcmenis, management and Board of Directors are responsible Ibr assessing the Company’s ability to continue as a going concent, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors cm her intends to liquidate the Company or 10 cease operations, or have no realistic alternative but to do so,

I he Board of Directors is responsible for overseeing the Company’s financial reporting process.

\udiioiV lies pons ihili lies I’m' the Audit of the Standalone Financial Statements

Our objectives are ii> obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement. wheiher due to fraud or error, and to issue an auditor’s report that 1110hides 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 missLaLenieni when it exists. Misstatements can arise from fraud or error and are considered material if individually or in the LLiigrcgute. they could reasonably be expected to influence the economic decision of users taken on the basis ol these standalone liiianeial 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 lo those risks, and obtain audit evidence that is sulTficienl and appropriate to provide a basis for our opinion. 1 he risk of not detecting a muteriul misstatement: resulting from fraud is higher than Ibr one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, nr the override of internal control.

Obtain an understanding of inLernal financial controls relevant to the audit in order to design audit procedures that arc appropriate in die circumstances. Under sec Lion i 43(3X0 of the Act, we arc also responsible for expressing our opinion on wheiher the Company has adequate internal Jhiuncial controls system in place and die operating effectiveness of such controls.

M Evaluate the appropriateness of accounting policies used and Lhe reasonableness of aeeminting estimates and related disclosures made by management,

Ý Conclude on (lie appropriateness of management’s mee of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exist related to events or conditions ihat may cast significant doubt on the Company's ability lo continue as a going concern, if we conclude that a material uncertainty exists, we have required to draw attention in om auditor's report to [he re la Led disci os ores in the standalone financial statements or. it wieh disclosures are inadequate, Lo modify our opinion. Our conclusions are based on the audit evidence obtained up to Lhe date of our auditor's report. However, future events or conditions may cause the Company lo cease lo continue as a going concern.

gfc 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 Inn manner that achieves fair presentation.

MaLerkilUy is the mayniiiiik- M misstatements in [he standalone financial stalemenls tluil. individually m m 'k'-Pregale. makes it probable dial lhe economic decisions of a reasonably knowlefigeahle uwr uf ihe sianfinlone financial statements may be influenced. We consider quantitative materiality nnJ i]ii::JTui::ve Jaciors in (it pEmininy Lhe scope of our audit work and in evaluating die results of our work: and ui i in c-h illume me cff'eei of auy identified misstatements in the standalone financial statements

V\ ^ eommurjeme vkh ibnse charged whh governance regarding, among other matters. die planned scope :iii,l liming n! the audil and mgndieanL audit findings, including any significant deficiencies in imenial control Uuit vc identify dll ring our audit.

We also prolific ibose charged with governance with a statement lhal. we have complied with relevmii ethical require me nb' regarding independence, and to communicate wild them ail relationships aud other matters that may reasonably he thought to bear on our independence, and where applicable, related safeguards.

1-mm (he nuiUers coninuinienled with those charged with governance, we determine those maLleix thai arc ol most significance in the mid it of the standalone financial statements of Lite current period uufi are t herd ore Ihc key audit mailers. 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 u mi liter si kill! J not he couuiinmcuLed in our report because the adverse consequences of doing so would reasonably he expected to oul weigh the publie interest benefits of such communication.

KL'pnrl nn (filter Legal :iutl [teguliilory Requiremexits

I. As required by Sect inn 143(13) of the Act, based on our audit, we report that:

j. \he have sought and obtained all the information and explanations which to the be si of 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 lur as il appears from our examination of those books,

c. The standalone Balance Sheet, the Statement of Pro 111 and Loss (Including other comprehensive income), Lhe Standalone Statement of Changes of Equity and Ihe Standalone Cash Plows dealt with by [his Report are in agreement with the books of acLuuul.

d. In our opinion, the a Lux-said financial statements comply with the Indian Accounting Slandurds prescribed under See:ion 133 of the Act.

e. On tlic basis of the written representations received from the directors of the Company as on March 31, 302-1, taken on record by the Board of Directors, none of the directors is disqualified

oil March 3 1, 3tPfi from being appointed as a director in terms of Section 16-1(3) of lhe Act

'Ý ^^ll' rcapecL to Uil- adequacy of the internal financial conlrols with reference lo standalone 11 nuncial statements of the Company and the operating effectiveness of such coil era Is, refei’ to our separate report in ‘Aimexure A'. Our report expresses an unmodified opinion on the adequacy and operating effectiveness oT the Company’s inlernal financial controls with reference to si and a lone financial statements.

g. Wiih res peel to the other miners lo be included in Ihe Auditor’s Repon in accordance with the requirement¹; of section 197(16) of the Act, as amended:

In our opinion and to the best of our information and according to the explanations yiu-i: to ux the rem Line ml ion paid by ilia Company Lo its direclors during die year is in accordance with the provisions ofscciion 197 of the Act.

It. With respect lo the oilier mauers lo be included in Ihe Auditor's Report in accordance with Rule M ol the t ompanics (Audit and Auditors) Rules, 2014, as amended, in our opinion and lo tiie best of our in forma l inn and according lo Ihe explanation given lo us:

(i) hie Company did not have any pending litigations which may have an impact mi Lhe financial position of (he Company in its standalone financial statemem,

(h) The C mu pa ny did not have any long-term com rads including derivative conimcls lor which there are any material foreseeable losses,

(iit) [be Company is not required lo transfer any amount lo the Investor kdu cation and Protection bund.

i. Rased on our exam i nation which included lest checks, the company has nol used an accounting software with a feat arc of recording audil trail (edit log) facility for maintaining its books of account."

2. Ah required by the Cm uptimes (Auditor's Report) Order, 2016 ('the Order') issued by the Centra I Omemnieiu in Lcntis nf Section U3(l 1) of the Act, we give in v\nnexure R‘ a statement on the numcis specified in Paragraphs- 1 lijuI -I of the Order.