INDEPENDENT AUDITOR'S REPORT

To,

The Members of

D.P. ABHUSHAN LIMITED

Ratlam

OPINION

We have audited the Standalone Ind AS financial statements of D. P. ABHUSHAN LIMITED ('The Company')
which comprise the Balance Sheet as at 31st March, 2023, the statement of Profit and Loss, including the
statement of Other Comprehensive Income, the Cash Flow Statement and Statement of Changes in Equity for
the year ended on 31st March, 2023, and notes to the financial statements, including a summary of significant
accounting policies and other explanatory information. (Hereinafter referred to as "standalone financial
statements")

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
Standalone Ind AS Financial Statements give the information required by the Companies Act, 2013as amended
("the act") in the manner so required and give a true and fair view in conformity with the Indian Accounting
Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards)
Rules, 2015, as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of
affairs of the Company as at March 31, 2023, its profit including other comprehensive income, its cash flow and
the changes in equity for the year ended on that date.

BASIS OF 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 (ICAI) together with the ethical requirements that are relevant to our
audit of the Standalone Ind AS Financial Statements under the provisions of the Act and the Rules made there
under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the
ICAI's Code of Ethics. We believe that the audit evidence obtained by us 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 utmost significance in our audit
of the Standalone Ind AS Financial Statements of the current period. 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 matter 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. We have fulfilled the responsibilities described in the Auditor's responsibilities for the audit of the
Standalone Ind AS Financial Statements section of our report, including in relation to these matters. Accordingly,
our audit included the performance to these procedures designed to respond to our assessment of the risk of
the material misstatement of the Standalone Ind AS Financial Statements.

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND
AUDITOR'S REPORT THEREON

The Company's Board of Directors are responsible for the other information. The other information comprises
the information included in the Management Discussion and Analysis, Board's Report including Annexures to
Board's Report, Business Responsibility Report, Corporate Governance Report, and Shareholder Information,
but does not include the Standalone Ind AS Financial Statements and our auditor's report thereon.

Our opinion on the Standalone Ind AS 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 Ind AS Financial Statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
Standalone Ind AS Financial Statements or our knowledge obtained during the course of our audit or otherwise
appears to be materially misstated.

When we read the other information identified above, if we conclude that there is a material misstatement
therein, we are required to communicate the matter to those charged with governance.

MANAGEMENT AND BOARD OF DIRECTORS RESPONSIBILITY FOR THE
STANDALONE IND 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 that 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 (Ind AS) specified under section 133 of the act, read with
companies ( Indian Accounting Standards) Rules, 2015, as amended. This responsibility also includes the
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 the frauds and other irregularities; selection and
application of appropriate accounting policies; making judgment and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate internal control that were operating
effectively for ensuring the accuracy and completeness of accounting records, relevant to preparation of
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 Standalone 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.

The Board of Directors are also responsible for overseeing the Company's financial reporting process.

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE STANDALONE IND
AS FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the Standalone 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
Standalone Ind AS Financial Statements.

As part of an audit in accordance with SA’s, 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 financial controls 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
system in place and the operating effectiveness of such controls. (Annexure B is our Report on Internal
Financial Control).

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basis of accounting 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
Standalone Ind AS 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 Standalone Ind AS 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
utmost 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.

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REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

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" a
statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

As required by section 143(3) of the Act, we further 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 purpose 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, Statement of Profit and Loss including the Statement of Other Comprehensive Income,
the Cash Flow Statement and Statement of Changes in Equity 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 theIndian Accounting
Standards referred 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 directors as on March 31, 2023, and taken on record
by the Board of Directors, none of the director is disqualified as on March 31, 2023, from being appointed
as a director in terms of sub-section (2) of section 164 of the Act.

f) We have also audited the internal financial controls over financial reporting of the Company as on March
31,2023 in conjunction with our audit of the Standalone Ind AS Financial Statements of the Company for the
year ended on that date, as per Annexure B, expressed unmodified opinion;

g) 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.

h) In our opinion and to the best of our information and according to the explanations given to us, we report
as under 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:

i) The Company has disclosed the impact of pending litigations on its financial positions in its financial
statements- Refer Note 35.2 to the financial statement;

ii) The Company does not have any long-term contracts including derivative contracts for which there were
any material foreseeable loss thereon does arise.

iii) There was no amount which was required to be transferred to the Investor Education and Protection
Fund by the Company.

(iv) (a) Management has represented to us that, to the best of its knowledge and belief, as disclosed in the
notes to standalone financial statements, 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, 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) Management has represented to us that, to the best of its knowledge and belief, as disclosed in the
notes to standalone financial statements, 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 or on behalf of the
Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of
the Ultimate Beneficiaries;

(c) Based on our audit procedure performed that have been considered reasonable and appropriate
in the circumstances, nothing has come to our attention that cause us to believe that the
representation given by the management under sub clause (a) & (b) of (iv) contain any material
misstatement.

(d) The final dividend paid by the Company during the year which was declared for the previous year is
in accordance with section 123 of the Companies Act 2013 to the extent it applies to payment of
dividend.

As stated in note no 35.16 to the standalone Ind AS financial statements, the Board of Directors of
the Company have proposed final dividend for the year which is subject to the approval of the
members at the ensuing Annual General Meeting. The dividend declared is in accordance with
section 123 of the Act to the extent it applies to declaration of dividend.

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a &

For, Jeevan Jagetiya & Co

Chartered Accountants
FRN: - 121335W

CA Nilesh Asava

(Partner)

. M. No. 0142577

Date: 17th May, 2023

Place: Ahmedabad UDIN: 23142577BGYNHM5667

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