We have audited the accompanying standalone financial statements of M/s. BHARATIYA
GLOBAL INFOMEDIA LIMITED which comprises the Balance Sheet as at March 31, 2024
and the standalone Statement of Profit and Loss (including comprehensive income), standalone
statement of change in equity and standalone statement of cash flow for the year ended and notes
to the financial statements, including a summary of significant accounting policies and other
explanatory information.

In our opinion and to the best of our information and according to the explanations given to us,
the aforesaid standalone financial statements give the information required by the Act in the
manner so required by the Companies Act, 2013 and give an adverse view in conformity with the
accounting standards prescribed under section 133 of the Act read with Companies (Accounts)
Rules, 2014 as amended and other accounting principles generally accepted in India, of the state
of affairs of the Company as at March 31, 2024, and Profit/Loss and its Cash flow for the year
ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are
further described in the Auditor’s Responsibilities for the Audit of the Standalone 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 Standalone financial statements under the
provisions of the Companies Act, 2013 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
opinion.

Basis for Adverse Opinion

According to the information and explanations given to us and based on our audit, the following
observations have been identified as at March 31, 2024:

1 that there has been a survey by the GST department on 7th July 2021 and all data of
the Company has been taken by them hence Account Balances of Trade Payable,

Trade Receivables, Loans and Advances, Borrowings, Fixed Assets & Inventories are
subject to confirmation and the consequential effects of the same on the profits/losses,
assets and liabilities of the company are not quantifiable. Further other GST case with
GST Intelligence, R K Puram, New Delhi and GST Anti Division, IP Estate ITO, Delhi
has not been concluded yet. We have checked the figures from the available copies of
invoices andpurchases/services along with GSTR return submitted. Expenses has been
checkedfrom supporting documents.

2 non-provision of amount recoverable from inter-corporate deposits amounting to
principal amounts of Rs 5.40 Crores along with accrued interest, thereby, increasing
the profit by the same amount as further detailed in note no. 35 of notes to accounts,
non-provision of penalty imposed by SEBI of Rs 6 Crores as further detailed in the
note no 31 and confirmation and reconciliation of same of accounts as further detailed
in note no. 32.

3 Chieffinancial officer of the Company has resigned from the company w.e.f. 30^th May
2018. The company has not filed the required information till date as required under
section 203 the act read with Rule 8 and Rule 8A of the companies (appointments &
remuneration of Managerial Personnel) Rules, 2014. And also, not informed to the
Ministry of Corporate Affairs for appointment of new Chief Financial officer w.ef 14^th
August 2018. Further Annual Return of the Companies Act, 2013 has not been
submitted for the Financial Year 2018-19, 2019-2020,2020-2021 and 2021-2022 yet.

4 We have enquired about latest list of cases and status of all pending cases in all
applicable acts but the same has not been provided by the company, hence we are
unable to comment on that except as reported above as per our knowledge and belief
and earlier informed by the company.

Emphasis of Matter

I The Company is not regular in payment of statutory dues such as TDS and
Income Tax.

II The Company has not filed TDS Returns for the Financial Year 2023-24 yet.

III Debtors, Creditors, and other balances of the Assets and Liabilities of the
company are subject to confirmation and reconciliation. Hence may require
adjustment, if any, of balances and corresponding impact on Net Profit/Loss, if
any.

IV We draw your attention to Note No 31 to the Standalone financial statements,
which explain about the imposition of penalties if decided accordingly.

V That the GST case with GST Intelligence, R K Puram New Delhi and GST Anti
Division, IP Estate ITO, Delhi has not been concluded yet.

VI That Annual Return of GST ie GTSR9 and GTSR9C has not been submitted for
the Financial Year 2019-2020 and 2020-2021, 2021-2022 & 2022-23 yet.

VIII That Annual Return of Companies Act 2013 has not been submitted for the
Financial Year 2018-2019, 2019-2020, and 2020-2021 and 2021-2022 & 2022-23
yet.

Key audit matters

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

Reporting of key audit matters as per SA 701, Key Audit Matters are applicable to the Company.

Responsibility of Management for the Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the
Companies Act, 2013 (“the Act”) with respect to the preparation of these Standalone financial
statements that give a true and fair view of the financial position and financial performance of
the Company in accordance with the accounting principles generally accepted in India, including
the accounting Standards specified 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 implementation and maintenance of
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 financial statement that give a true
and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone 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 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

Auditor’s Responsibility for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the Standalone 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 financial
statements.

Our responsibility is to express an opinion on these financial statements based on our audit. We
have taken into account the provisions of the Act, 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 in accordance with the Standards on
Auditing specified under Section 143(10) of the Act. Those Standards require that we comply
with ethical requirements and plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free from material misstatement.

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

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 internal
financial controls with reference to standalone 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 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 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 financial
statements, including the disclosures, and whether the standalone financial statements
represent the underlying transactions and events in a manner that achieves fair
presentation.

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
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 Companies

Act, 2013. we give in the Annexure A statement on the matters specified in 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, Profit and Loss and Cash Flow Statement dealt with by this Report
are in agreement with the books of account.

(d) In our opinion, the aforesaid financial statements comply with the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014.

(e) On the basis of the written representations received from the directors as on 31st March
2024 taken on record by the Board of Directors, none of the directors is disqualified as on
31st March, 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 with reference to financial
statements 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 with
reference to financial statements.

(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.

(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 has disclosed the impact of pending litigation on its financial position in its
Standalone IND AS Financial Statement.

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 its knowledge and belief, other
than as disclosed in the notes to the accounts, 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) The management has represented, that, to the best of its knowledge and belief, other
than as disclosed in the notes to the accounts, no funds have been received by the
company from any persons or entities, 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; and

c) Based on such audit procedures that we have considered reasonable and appropriate in
the circumstances; nothing has come to our notice that has caused us to believe that the
representations under sub-clause iv(a) and iv(b) contain any material misstatement.

v) The company has not declared or paid 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 which has a feature of recording audit trail
(edit log) facility and the same has operated throughout the year for all relevant
transactions recorded in the software. Further during the course of our audit we did not
come across any instance of audit trail feature being tempered with.

However, we are not able to comment on the effectiveness of audit trail in the systems of
the service providers from where various reports are received by the company which are
used by the company for preparation of these financial statements.

For Singh Ray Mishra & Co.

Chartered Accountants
FRN 318121E

(CA. Vinay Kumar)

M. No. 402996

UDIN: 24402996BKEYLK3709

Place: Noida
Date: 30.05.2024