We have audited the accompanying Quarterly and Year to Date Standalone Ind AS Financial Statements of IND-AGIV COMMERCE
LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss (including
Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a
summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone AS Financial Statements

The Company's Board of Directors are responsible for the matters stated in Section 134(5) of the Companies Act 2013 ("the Act")
with respect to preparation of these Standalone Ind AS Financial Statements to 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 specified in the Companies (Indian Accounting
Standards) Rules, 2015 (as amended) 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 Ind AS Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or
error.

In preparing the Statement, 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 using the going concern basis of accounting unless the Board of Directors
either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Auditors' Responsibility for the Standalone AS Financial Statements

Our responsibility is to express an opinion on these Standalone Ind AS Financial Statements based on our audit.

We have taken into account the provisions of the Act and the Rules made there under including the accounting and auditing standards
and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit of the Standalone Ind AS Financial Statements in accordance with the Standards on Auditing specified under
Section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of
India. Those standards and pronouncements require that we comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether the Standalone Ind AS Financial Statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Standalone Ind AS Financial
Statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement
of the Standalone Ind AS Financial Statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company's preparation of the Standalone Ind AS Financial Statements that give a true
and fair view, in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well
as evaluating the overall presentation of the Standalone lnd AS Financial Statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the
standalone Ind AS financial statements.

Basis of Forming an Opinion

Basis for Adverse Opinion

1) The company's recorded turnover at Bangalore branch comprises of retail/exhibition sales over which we rely on Management for internal
control for the purpose of Audit. There is no other satisfactory audit procedures that we could adopt to satisfy ourselves that the record turnover
was free from material misstatements, however management has assured us that there is no material misstatement.

2) Management has stated the inventories at cost. We informed that the net realizable value of the inventory is lower than the cost. In the
absence of any alternative audit procures to obtain sufficient and appropriate audit evidence in relation to valuation held in stock or sites we are
unable to comment of the impact on financials

3) The company's cash-on-hand as on financial year ended 31/03/2024 is Rs,1943370/ is not counted by us and same is taken correct as per
the certificate of management of the Company.

4) Loans & advances, S. Debtors S. Creditors and other receivables are subject to confirmation. The Company has not made provision for bad
& doubtful debts.

5) During the course of audit, it was found that company has accepted unsecured loans as borrowings/deposits from public as well as
companies & key managerial person. A sum Of Rs.10,03,56,918 (refer sch,14 of the Balance sheet. While accepting loans/deposits from public,

the company has not complied with the provisions of section 2(31) of the Companies Act, 2013. Trade creditors & other liabilities are subject to
confirmation.

6) The Company had impaired an amount of Rs 18,85,843.00 receivable as EMD/Security Deposit from its debtors during financial year 2021¬
22. The Company has not been able to recover the impaired amount of Rs. 18,85,843.00 during the financial year 2023-24.

7) The Company had impaired an amount of Rs 26, 56,455/- receivable as loans & advances during financial year 2021-22. The Company has
not been able to recover the impaired amount of Rs. 26, 56,455.00 during the financial year 2023-24.

8) According to the information and explanation given to us, the Company has not established its internal financial control over financial
reporting on criteria based on or considering the essential components of internal control stated in the Guidance Note on Audit of Internal
Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

Disclaimer of Opinion

1) We are not able to obtain sufficient and appropriate audit evidence to provide a basis for our audit opinion as to whether verification of
assets conducted by the management and the method of verification as well as the frequency of verification was reasonable.

2) In the absence of sufficient appropriate audit evidence to corroborate the management's assertions regarding existence, ownership and
valuation of inventories it is not possible for us to examine (i) that all recorded inventories exist at the year-end; (ii) that all inventories owned by
the company are recorded and that all recorded inventories are owned by the company; (iii) that the condition of inventories is recognized in
their valuation.

3) In the absence of sufficient appropriate audit evidence to corroborate the management's assertions it is not possible for us to examine that
the stated basis of valuation of loans & advances, debtors and other receivables is appropriate and properly applied, and that the recoverability
of loans & advances, debtors, other receivables is recognized in their valuation.

4) We are unable to obtain sufficient appropriate audit evidence to provide a basis for our opinion whether the Company had adequate
internal financial controls over financial reporting and whether such internal financial controls were operating effectively as at March 31, 2024.

Opinion

In our opinion and to the best of our information provided above and according to the explanations given to us, except for the possible effects of
the matter described above the aforesaid Standalone Ind AS Financial Statements give the information required by the Act in the manner so
required and give a true and fair view in conformity with the accounting principles generally accepted in India -

i. in case of the Balance Sheet, of the state of affairs of the Company as of March 31, 2024;

ii. in case of statement of Profit and Loss (comprising of other comprehensive income) of the loss for the year ended on that date and

iii. in case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2016, issued by the Central Government of India, in terms of section 143(11) of
the Act ("The Order"), and on the basis of such checks of the books and records of the Company as we considered appropriate and according to
the information and explanations given to us, we give in the Annexure B 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) Except for the possible effects of the matter described above, we have sought and obtained all the information and explanations, which to
the best of our knowledge and belief were necessary for the purpose of our audit.

b) Except for the possible effects of the matter described above, 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) Except for the possible effects of the matter described above, the Balance Sheet, the Statement of Profit and Loss (including other
comprehensive income) and the Cash Flow Statement and the Statement of Changes in Equity dealt with by this Report are in agreement with
the books of account.

d) Except for the possible effects of the matter described above 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 written representations received from the directors as on March 31, 2023 taken on record by the Board of Directors, none
of the directors is disqualified as on March 31, 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 A". Our report expresses a modified opinion on the adequacy and operating
effectiveness of the company's financial controls over financial reporting.

g) In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to
its directors during the year is in accordance with the provisions of section 197(16) of the Act.

h) With respect to 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:

i. Except for the possible effects of the matter described above, 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 and

ii. There has been no delay in transferring amounts, if required to be transferred, to the Investor Education and Protection Fund by the
Company.

For H G SARVAIYA & Co.

Chartered Accountants
CA Hasmukhbhai G Sarvaiya
Proprietor

Firm Registration No.115705W
Membership No.045038
Place Mumbai
UDN 24055038BKAJFT1299
Date 09/08/2024