Independent Auditor's Report

To,

The Members of Sangam (India) Limited

REPORT ON THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS

Opinion

We have audited the accompanying standalone financial
statements of Sangam (India) Limited ("the Company"),
which comprise the Standalone Balance Sheet as at 31^st
March, 2023, the Standalone Statement of Profit and Loss
(including Other Comprehensive Income), the Standalone
Statement of Changes in Equity and the Standalone
Statement of Cash Flows for the year then ended, and notes
to the standalone 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
financial statements give the information required by the
Companies Act, 2013 ("the Act") in the manner so required
and give a true and fair view in conformity with the Indian
Accounting Standards ("Ind AS") prescribed under Section
133 of the Act read with the Companies (Indian Accounting
Standards) Rules, 2015 as amended and other accounting
principles generally accepted in India, of the state of affairs
of the Company as at 31 ^st March, 2023, and its profit
including other comprehensive income, changes in Equity
and its Cash Flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the Standalone Financial
Statements in accordance with the Standards on Auditing
("SAs") 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 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
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 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 opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the
Standalone Financial Statements for the financial year ended
31^st March, 2023. These matters were addressed in the
context of our audit of the Standalone Financial Statements
as a whole, and in forming our opinion thereon, and we do
not provide a separate opinion on these matters. For each
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 Auditors’
responsibilities for the audit of the Standalone Financial
Statements section of our report, including in relation to these
matters. Accordingly, our audit included the performance of
procedures designed to respond to our assessment of the
risks of material misstatement of the Standalone Financial
Statements. The results of our audit procedures, including
the procedures performed to address the matters below,
provide the basis for our audit opinion on the accompanying
Standalone Financial Statements.

Information other than the financial statements and Auditor's report thereon

The Company’s Board of Directors is responsible for the other information. The other information comprises the information
included in the Company’s annual report, but does not include the standalone financial statements and our auditor’s report
thereon. Our opinion on the standalone 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 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 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 a material misstatement of this other information, we are required to report that fact. We have nothing to
report in this regard.

Responsibility of Management and those charged with
Governance for the Standalone Financial Statements

The Company’s Management and Board of Directors is
responsible for the matters stated in section 134(5) of the
Act with respect to the preparation of these standalone
financial statements that give a true and fair view of the
financial position, financial performance including other
comprehensive income, the Statement of Changes in
Equity and the Statement of Cash Flows of the Company
in accordance with the accounting principles generally
accepted in India, including Indian Accounting Standards
(Ind AS) 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 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 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 and 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 management either intends to liquidate
the Company or to cease operations, or has no realistic
alternative but to do so. The Company’s Board of Directors
is also responsible for overseeing the Company’s financial
reporting process.

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

Our objectives are to obtain reasonable assurance about
whether the 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.

As part of an audit in accordance with Standards on Auditing

(SAs), we exercise professional judgment and maintain
professional scepticism 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 financial 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 system 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
Group 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.

Materiality is the magnitude of misstatements in the
Standalone Financial statements that, individually or in
aggregate, makes it probable that the economic decisions of
a reasonably knowledgeable user of the Standalone 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 financial
statements of the current period and are therefore the key
audit matters. We describe these matters in our auditors’
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.

Other matters

We have relied on the opening audited balances as at 1^st
April 2022, the audit of which was conducted by the then
erstwhile auditors of the Company along with one of the
current joint auditor "O. P Dad & Co." who had issued an
unmodified opinion.

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 section 143(11) of the Act, we give in
the "Annexure A", 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 Standalone Balance Sheet, the Standalone
Statement of Profit and Loss including Other
Comprehensive Income, the Standalone
Statement of Changes in Equity and the
Standalone Statement of Cash Flows dealt with

by this Report are in agreement with the books of
account.

(d) In our opinion, the aforesaid standalone financial
statements comply with the Indian Accounting
Standards (IND AS) specified under Section 133
of the Act, read with Rule 7 of the Companies
(Accounts) Rule, 2015, as amended.

(e) On the basis of the written representations
received from the directors as on 31^st March, 2023
taken on record by the Board of Directors, none
of the directors is disqualified as on 31 ^st March,
2023 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 with reference to these Standalone
Financial Statements and the operating
effectiveness of such controls, refer to our
separate Report in "Annexure B" to this report.

(g) 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, as amended 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 litigations as on 31 ^st March, 2023
on its financial position under note no. 52 of
standalone financial statements.

(ii) The Company has made provision as at 31^st
March 2023 as required under the applicable
Law or Accounting Standards for foreseeable
losses on long-term contracts including
derivative contracts.

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

(iv)

(a) The management has represented to us 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,
as disclosed in the notes of accounts, 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); and

(c) Based on such audit procedures that we
considered reasonable and appropriate in
the circumstances, nothing has come to our
notice that has caused us to believe that the
representation given by the management
under paragraph (3) (g) (iv) (a) and (b)
contain any material misstatement.

(v) With regard to dividend declared and paid
during the year by the Company:

(a) The Company has paid ' 890.93 lakhs as
dividend during the year in respect of the