We have audited the accompanying standalone Ind As financial statements of Magnanimous
Trade & Finance Ltd (“the Company”), which comprise the Balance Sheet as at March 31,
2024, the Statement of Profit and Loss (including other comprehensive income), Statement of
Changes in Equity and Cash Flow Statement for the year ended on that date, and the notes to
the financial statements, including a summary of material accounting policies and other
explanatory information.

In our opinion and to the best of our information and with the forgoing explanations given to
us, the aforesaid Standalone Ind As financial statement give the information required by the
Companies Act, 2013 (“the Act”) in the manner so required by and give a true and fair view
in conformity with the accounting principles generally accepted in India, of the state of
affairs of the Company as at 31st March, 2024 and the total comprehensive income
(comprising of profit & other comprehensive income), changes in the equity and its cash
flows for the year then ended.

Basis for Opinion

We conducted our audit of the standalone Ind AS financial statements in accordance with the
Standards on Auditing (SAs), as specified under section 143(10) of the Act. Our
responsibilities under those Standards are further described in the ‘Auditor’s Responsibilities
for the Audit of the Standalone Ind AS Financial Statements’ section of our report. We are
independent of the Company in accordance with the ‘Code of Ethics’ issued by the Institute
of Chartered Accountants of India together with the ethical requirements that are relevant to
our audit of the Ind As 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 we have obtained is
sufficient and appropriate to provide a basis for our audit opinion on the standalone Ind AS
financial statements.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the Ind AS financial statements of the current period. These
matters were addressed in the context of our audit of the Ind AS financial statements as a
whole, and in forming our opinion thereon, and we do not provide a separate opinion on these
matters.

Information Other than the Standalone financial statements and Auditor’s Report
Thereon

The Company’s Board of Directors is responsible for the preparation of other information.
The other information comprises the information included in Board’s Report including
Annexures to Board’s Report, Business Responsibility Report, Corporate Governance and
Shareholder’s Information, Management Discussion and Analysis Report but does not
include the standalone Ind As financial statements and our auditor’s report thereon.

The reports containing the other information as above are expected to be made available to us
after the date of this auditor’s report. Our opinion on the Ind As financial statements does not
cover the other information and we will not express any form of assurance conclusion
thereon.

In connection with our audit of the standalone Ind AS 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 the work we have performed, we conclude that there is
material misstatement of this other information, we are required to report that fact. We are
unable to report in this regard as other information was not available till the time of
conclusion of our audit.

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

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of
the Act with respect to the preparation of these standalone Ind AS financial statements that
give a true and fair view of the financial position, financial performance, total comprehensive
income, changes in equity and cash flows of the Company in accordance with the Ind-AS and
other accounting principles generally accepted in India. This responsibility also includes
maintenance of adequate accounting records in accordance with the provisions of the Act for
safeguarding 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 Ind AS 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 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.

Those Board of Directors are responsible for overseeing the Company’s financial reporting
process.

The Board of Directors is also responsible for establishing and maintaining adequate and
effective controls in respect of use of accounting software that entails the requisite features as
specified by the Companies (Accounts) Rules, 2014, as amended from time to time, including
an evaluation and assessment of the adequacy and effectiveness of the company’s accounting
software in terms of recording and maintaining audit trail (edit log) of each and every
transaction and ensuring that the audit trail cannot be disabled and has been operated
throughout the year for all transactions recorded in the software and the audit trail feature has
not been tampered with and the audit trail has been preserved by the company as per the
statutory requirements for record retention.

Auditor’s responsibilities for the audit of the Standalone financial statements

Our objectives are to obtain reasonable assurance about whether the Ind As 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. Misstatements can arise from fraud or error and
are considered material if individually or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of these Ind AS financial
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 Ind AS
financial statements, 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.

• 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 disclosures made by the Management and Board of
Directors.

• Conclude on the appropriateness of the Management and Board of Directors use of
the going concern basis of accounting in preparation of standalone financial
statements and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the
Company’s ability 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 standalone Ind AS financial statements 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 standalone Ind AS
financial statements, including the disclosures, and whether the standalone Ind AS
financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone Ind AS financial statements
that, individually or in aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the financial statements may be influenced. We consider
quantitative materiality and qualitative factors in (i) planning the scope of our audit work and
in evaluating the results of our work; and (ii) to evaluate the effect of any identified
misstatements in the financial statements.

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.

From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the standalone Ind AS financial
statements of the current period and are therefore the key audit matters. 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 a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of such communication.

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

give in the “Annexure A”, a statement on the matters specified in the 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 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 standalone Ind As financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with the
Companies (Indian Accounting Standards) Rules, 2015 as amended;

(e) On the basis of the written representations received from the directors as on March
31, 2024 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 B”. Our report expresses an unmodified
opinion on the adequacy and operating effectiveness of the Company’s internal
financial controls over financial reporting;

(g) With respect to the other matters to be included in the Auditor’s Report in
accordance with the requirements of section 197 (16) of the Act, as amended, 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 of the Act; and

(h) 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:

i. The Company does not have any pending litigations which would impact its
financial position.

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

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

iv. (a) The management has represented that, to the best of their knowledge and

belief, that 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 any entity(ies), including foreign
entities (“Intermediaries”), with the understanding, whether recorded in
writing or otherwise, that the Intermediary shall, whether , 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.

(b)The management has represented, to the best of their knowledge and belief,
other that 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, that the company
shall, whether, directly or indirectly, lend or invest in other persons or
entities identified in any manner whatsoever by behalf the Funding Party
("Ultimate Beneficiaries") or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries.

(c) Based on such audit procedures that have been considered reasonable
and appropriate in the circumstances, performed by us, nothing has come to
our notice that has caused us to believe that the representations under para iv
and v contain any material misstatement.

v. The company has not declared and paid any interim dividend during the year.

vi. Based on our examination which included test checks, the company has used
accounting software for maintaining its books of accounts for the financial year
ended March 31, 2024 which does not have a feature of recording audit trail
(edit log) facility in terms of proviso to Rule 3(1) of the Companies (Accounts)
Rules, 2014.

For Gupta & Shah
Chartered Accountants
FRN NO: 001416C

CA Sharad Kumar Shah
(Partner)

Membership No.070601