Wu hare audited the s^campgnying #ariitfalane financial statement* of SPV Global Trading
Limited nht- Compsny”), which comprise :he Balance Sheet as at 31 “ March, 2024, the
StuLemedif of Proiit and bin;. (moltiding Othht Comprehensive Income), the Cosh Flaw
Statement and the Statement of Changes m Equity for the year then ended and notes to
standalone financial Statements and a summnrv of the significant accounting policies and
other eiLplanatniy information.

In our opinion nud to I he best of our information and according to the explanations given
to _U3| the aforesaid standalone financial statements give die inform a Li on required by the
Companies Act. 2013 (“die Act") in the manner W3 required and give a true and fair view in
conformity with the Indian Accounting Standard a prescribed under section 133 of Lite Act
read with die Companies |Indian Accounting Standards) Rules. 2015, as amended ( hid
AS¹*), and ntlicr accounting principles generally accepted in India, of the state of Bjflairs ot
the Company as uL 31st March, 202-1. and its profit, total comprehensive income, iLs cash
flows and the changes iri equity for the year ended on that date.

Basis of Opinion

Wc conducted our audit oi the standalone financial statements in accordance with dm
Standards on Auditing specified under sec lint I 143[10) of the Acl (SAsf. Om
re spun si bill tics under those Sh^dirds are further described in the Auditors
Responsibilities for the Audil of the StattriaJo^ financial sLummetils section of our report,
We arc independent of dm Company in accordance with the Code of Ethics issued by the
Institute of Chartered Accountants of India (ICAJJ together with the ethical requirements
that are relevant lo our audit of the standalone financial statements under the provisions
of the Act and the Rules made thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these require men Is arid the iCAI's Code of Ethics, We
believe that the audit evidence obtained by us is sufficient mid appropriate to provide a
basis for our opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are Lhose matters that, in our professional judgment, were of most
sig'niiiL'tiiLce in our audit of the standalone financial statements of the current period.
These msiuers were addressed in Liie coi.Ioxl ,of our audit of the standalone financial
statements as a whole, and in forming mir opinion thereon, and we do noL provide a
separate opinion on these matters. We have determined the matters described below Lo be
the key audit matters to be communicated in our report,

Other Information

The Company's Board of Directors is responsible for the other information, The other
information comprises Board’s Report, [Report on Corporate governance and Business
Responsibility report buL docs noL include Lhe standalone iiiianeial statements,
consolidated financial statements and our a udttor's report the neon.

Our opinion on the standalone financial statements duns not cover Lhi: other information
a:id we do not express any farm of assurance conclusion thereon.

!:i connection with our aodiL of the standalone npariffinl statefttOnts, our responsibility is
to read the other informs tio:i and, in doing so, consider whether the oLhcr inform a Lion is
materially inconsistent with I he standalone financial statemesnta or nur knotffledgo
obtained during the course of our audit or otherwise appears to be materially misstated, if,
based a a the work we have performed, we conclude that there is a material misstatement
of this other information, wt¹ are required to report that fact. Wc have nothing to report in
this regard.

Management’s Responsibilities for the Standalone Financial Statements

The Company's Board of Directors is responsible For the matters stated in section 1.14(5} of
tile AeL with respect to the preparation of Lhtise sumdalone Cinsnefcij statements that gwjj a
true and fair view uf Line financial position, finaiHiifll performance including ether
comprehensive income, cash flows nnd changes in equity r>f the Company in accordance
with the accounting principles generally accepted In India, including the Indian
Accounting Standards (Ind ASJ specified under section 133 of the Act read with the
Companies (Indian Accounting Standards] Rules, 2015, as amended. This responsibility
also include a maintenance of adequate accounting records In accordance with the
provisions of the An for safeguarding the asscl s of the Company and fur preventing and
detecting frauds amJ Other irregularities; sc.L.-clim and application uf appropriate
accounting policies: making judgments Find tstimates {hat ans reasonable nnd prudent;
and design, implementation and maintenance nf arictjmiLe internal financial controls, that
Were operating effectively for ensuring the accuracy and com pic ten ess of the accounting
records, relevant to the preparation and presentation of the standalone financial

SI

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 artel using the going concent basis of accounting unless
ihiajiagamenl either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.

The Biiard of Directors is also responsible Fat overseeing the Company's financial reporting
process.

Auditor’s Responsibilities, for the Audit of the Standalone Financial Statements

Our objectives are to obLaiu reasonable assurance about whether the Btanda.lun£ 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 nm a guarantee that an audit conducted in accordance
with SAs will always detect a material misstatement when it exists. Missiatetneius can
arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected Ln influence the economic decitiiuris aJ users laken uii
the basis of these stands lone financial statements.

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

Ý Identify and assess the risks of material mis statement of Lhc standalone financial
state merits, 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 uf nut detouring a material
misstatement re suiting Iron: irauci ia higher than Lor one resulting Iron errnr, as
fraud may involve collusion, forgery, intentional omissionSj misrepresentations, or
The override of interna i Control,

Ý Obtain an Littd erst an Cling of internal financial controls relevant to the audit in
order to design audit procedures that Eire appropriate in Lhc cineumBtantet. Under
section I43(3)(i) of the A-cl, wu arc also responsible for expressing our opinion on
Whether the company bus adequate internal financial controls with reference io
standalone financial statements in place and the operating effectiveness of such
control.

* Evaluate the appropriateness qf accounting policies used and the reasonableness
of accounting estimates and related disclosures rnatlu by the management.

* Conclude on the appropriateness of management^ use of the going concern basis

uf ticcounling and, bused on Lhc audii evidence obtained, whether a material
uncertainty exists related to events or conditions thru may cast significant doubt
orl the Company's ability to continue as a going concern. If we conclude that a
material uncertainty exists, wu ure required to draw attention in our auditor's
report to the rchurd disclosures in the- staiidalqnd financial statements or, if such
disclosures arc inadequate, lei modify our opinion. Our conclusions arc bused on
the audit evidence obtained up to the dale of our auditor's report. However, future
events or conditions may cause Lhe Company to cease lo continue as a going
concent. ¹

Ý Evaluate the overall picsci nation, structure and content of the standalone
flnajidftj statements, including the diftcinsures, and whether the standalone
financial statements represen 1 the underlying transactions and events in a manner
that achieves fair preseiitufibiu

Wo communicate with Those charged with governance regarding, among other ra a iters,
Lite planned scope and timing of the audit and significant audit findings, including any
significant, deficiencies in internal control that we idcrtihfy during our audit.

We also provide those charged with governance* with a KtuLcmeriL LhtU wc :mvc L'OmpUifld
with relevant ethical requirements regarding independence, and Lo conirnunicuLc with
them of l relation ships and other matters that may reasonably lx- 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 ihe standalone financial statements
of the current period and are therefore the hey audit matters- We describe these matters
m our auditor's report unless lav. or regulation precludes public disclosure a bo u tire
matter or when, in extremely rare dirclimstances, we determine that a matter should not
be communicated in our report because the adverse consequences of doing so would
reasonably he expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by Lhc Gump; mi cs (Auditor's Report) Order, 2020 (the 'Order') issued by the
Central Government of indiu i:i lerms of FecLLun 143(11] uf lihc AcL, wc give in the
Anne.xure A, a statement mi the rr:uUt!rs specified in pure yea pi is 3 and 4 of the Order.

2. As required by Section 143)3) of Lhe Act, we report Lhai:

a) We have sought and obtained till the uiJurrnjtiun and explanations which to the
best of our knowledge and belief were necessary for the purposes of nur audit.

b) In our opinion, proper hooks of account tis required by law have been kept by
the Company so for as it appears from nur examination of those books.

c) The Balance Shed., Lite Statement of Profit and Loss including Other
Comprehensive Income, Lire Cash Flow StutemenL and Statement of Changes in
Equity dealt with by this Report are in agreement with the relevant books of
account.

d) In our opinion, the aforesaid standalone financial statements comply with the
Accounting Standards specified undor set Lion 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 directory us on
31¹¹ March, 2024 tdkcil on record by the Board of Directors, none of the
directors is disqualified r_:s on 31sr M.tr'-h. 2024 from being appointed as a
director in terms pf section 164 (2| of the Act.,

f) With respect to the adequacy of the internal financial contiolir over financial
reporting with relt-ramie tr> standalone Ind As financial statements of the
Company and tire operating efTeclivenesit of such controls, refer to cur separate
Repot*) in AnnexureH.

g) With respect Lu the other m.:turns to lx: included in the Auditor's Report in
accordance with Section 1117(16) ol the Act, in our opinion and to the best of
our iiifomiaLioti tuid according lo Lho explanations given to us, the
remuneration paid by Lhu Company :o its directors during the year is in
accordance with the nruviKiuns r>f section 197 of the Act.

h) With respect to the oilier matters to be included in the Auditor’s Report in
accordance with Rule 11 of the Companies {Audit. and Auditors] Rules, 2014, in
our a pinion and to the botiL of our knowledge and belief and according to the
information and explanations give:) to us:

i. The Company does not have any pending litigation which would impact
its financial position iti its standalone financial statements.

ii. Tile Company did nul have any iung-Ltim eont.mcis including derivative
contracts for which l lie re were any material foreseeable losses.

iii. Thera were no nmounts which were required to he Transferred to the
Investor Education and Protection fund during rhe-year,

iv. {a) The MshagCmi at has rep resented that, to the best of its knowledge
and belief, no lands [which are material either individually or in the
aggregate) 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 uny other person or entity, including
foreign enLiiy nyiLurmcdiUries'’), with lire understanding, whether
recorded in writing or otherwise, that the Intermediary shall, whether,
directly nr indirectly lead or invest ill other persons or entities identified
in any manner whatsoever by or on behalf of the Company

('Ultimate Lteneficiariea/j or provide any guarantee, security or the like
on behalf of Lhe Ultimate Beneficiaries;

(b| The Management has represented, tjaat, Lo the best of its knowledge
arid belief, no funds (which arc material cither individually or in the
aggregate I have been received by the Company from ally person or entity,
including foreign entity j^:lFunding Partin a ^HJ, with Llie understanding,
whether recorded in writing or otherwise. LlJaL the Company shall,
whether, directly or indirectly, loud or invest in other persons or nmities
tdentifitfd in any manner whatsoever b_t oj mi behalf of the Funding Parly
CUltimate Beneficiaries"] or provide any guarantee, security or the like?
on behalf oT the Ultimate Beneficiaries;

(c) Baaed on the audit procedures chat have been considered reasonable
and appropriate ii^r the circumstance a, nothing hag come to our a mice
that has caused us lo believe that the re presentations under sub-clause
(t| dind (id of Rule I 1 (ei. us pi i.i v id cel under id) and (b| above, contain any
materia] misstatenrtrit,

v, The Company has rot proposed or paid any dividend during the year.
Thus. th(? following point is not cum men Led on,

vi. Based on Our eacahtfnaLion, which included tesL checks, performed by us
on the Company have used accounting software for maintaining their
respective books of account for the Imancia: year ended March ol, 2024
which has a feature of recording audit trnii |edif iogj faciliiy and tiie same
has operated throughout the year for ail relevant transactions recorded in
the software Furth.tr, during rl.e uiurse of audit we havf? tioi tonic
across any irinlanee of llie audit trail feature being tampered with.

As proviso to Rule 3[1) of the Companies (Accounts) Rules, 201A is
applicable trom April 1, 2023, repomnfi under Rule 11 |g] of the
Companies (Audit and Auditors! Rules- 2014 on preservation of audit
Trail as per the statutory requiremmls for record retention is not
applicable for the financial year ended March 31,2024

For S S R C A ft CO

Chartered Accountants

{Ffcrt

Shubhnm Jain

Partner

M No 4*43522

Dated: 29" May.2024

Place: Mumbai

UDIM: js 12 h< Vi It 'io