To The Members of Antarctica Limited Report on the audit of the Standalone financialstatements Opinion

We have audited the accompanying Standalone financial statements of Antarctica Limitedwhich comprise the balance sheet as at March 31 2022 and the Statement of Profit andLoss and statement of cash flows for the year then ended and notes to the Standalonefinancial statements including a summary of significant accounting policies and otherexplanatory information. In our opinion and to the best of our information and accordingto the explanations given to us the aforesaid Standalone financial statements give theinformation required by the Companies Act 2013 (‘Act') in the manner so required andgive a true and fair view in conformity with Indian Accounting Standards prescribed undersection 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015as amended. (“IndAS”) and other accounting principles generally accepted inIndia of the state of affairs of the Company as at March 31 2022 its profit and cashflows for the year ended on that date.

Basis for opinion

We conducted our audit in accordance with the standards on auditing (SAs) specifiedunder section 143 (10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the auditor's responsibilities for the audit of theStandalone financial statements section of our report. We are independent of the Companyin accordance with the code of ethics issued by the Institute of Chartered Accountants ofIndia (ICAI) together with the ethical requirements that are relevant to our audit of theStandalone financial statements under the provisions of the Act and the rules thereunderand we have fulfilled our other ethical responsibilities in accordance with theserequirements and the code of ethics.We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our opinion on the standalone financialstatements.

Emphasis of Matter

We draw attention to Note 23 (S)of the financial statements which describes the extentto which the COVID-19 Pandemic willimpact the Company's results which depend on futuredevelopments that are highly uncertain. Our opinion is not modified inrespect of thismatter.

Key audit matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the Standalone financial statements of the current period.These matters were addressed in the context of our audit of the financial statements as awhole and in forming our opinion thereon and we do not provide a separate opinion onthese matters.We have determined the matters described below to be the key audit mattersto be communicated in our report.

Information other than the Standalone financial statements and auditors' report thereon

The Company's board of directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the Board'sReport including Annexures to Board's Report Business Responsibility Report but does notinclude the Standalone financial statements and our auditor's report thereon. Our opinionon the Standalone financial statements does not cover the other information and we do notexpress any form of assurance conclusion thereon.

In connection with our audit of the Standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the Standalone financial statements or our knowledgeobtained during the course of our audit or otherwise appears to be materially misstated.

When we read the Directors report and Corporate Governance Report if we conclude thatthere is a material misstatement therein we are required to communicate the matter tothose charged with Governance.

Management's responsibility for the Standalone financial statements

The Company's board of directors are responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these Standalone financial statementsthat give a true and fair view of the financial position financial performance and cashflows of the Company in accordance withthe IND AS accounting principles generally acceptedin India including the accounting standards specified under section 133 of the Actreadwith the Companies (Indian Accounting Standards) Rules 2015 as amended. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statement that givea true and fair view and are free from material misstatement whether due to fraud orerror. In preparing the Standalone financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.The board of directors are also responsible foroverseeing 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 Standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these Standalone financial statements. As part of an audit inaccordance with SAs we exercise professional judgment and maintain professionalskepticism throughout the audit. We also: Identify and assess the risks of materialmisstatement of the Standalone financial statements whether due to fraud or error designand perform audit procedures responsive to those risks and obtain audit evidence that issufficient and appropriate to provide a basis for our opinion. The risk of not detecting amaterial misstatement resulting from fraud is higher than for one resulting from error asfraud may involve collusion forgery intentional omissions misrepresentations or theoverride of internal control. Obtain an understanding of internal control relevant to theaudit in order to design audit procedures that are appropriate in the circumstances. Undersection 143(3)(i) of the Companies Act 2013 we are also responsible for expressing ouropinion on whether the company has adequate internal financial controls system in placeand the operating effectiveness of such controls Evaluate the appropriateness ofaccounting policies used and the reasonableness of accounting estimates and relateddisclosures made by management. Conclude on the appropriateness of management's use of thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company's ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in our auditor's report tothe related disclosures in the Standalone financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report. However future events or conditions maycause the Company to cease to continue as a going concern. Evaluate the overallpresentation structure and content of the Standalone financial statements including thedisclosures and whether the Standalone financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation. We communicate withthose charged with governance regarding among other matters the planned scope and timingof the audit and significant audit findings including any significant deficiencies ininternal control that we identify during our audit. We also provide those charged withgovernance with a statement that we have complied with relevant ethical requirementsregarding independence and to communicate with them all relationships and other mattersthat may reasonably be thought to bear on our independence and where applicable relatedsafeguards. From the matters communicated with those charged with governance we determinethose matters that were of most significance in the audit of the Standalone financialstatementsfor the financial year ended March 31 2022and are therefore the key auditmatters. We describe these matters in our auditor's report unless law or regulationprecludes public disclosure about the matter or when in extremely rare circumstances wedetermine that a matter should not be communicated in our report because the adverseconsequences of doing so would reasonably be expected to outweigh the public interestbenefits of such communication.

Report on other legal and regulatory requirements

As required by the Companies (Auditor's Report) Order 2016 (“the Order”)issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 we give in the Annexure “A” a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable. As required bySection 143(3) of the Act we report that :- (a) We have sought and obtained all theinformation and explanations which to the best of our knowledge and belief were necessaryfor the purposes of our audit; (b) In our opinion proper books of account as required bylaw have been kept by the Company so far as it appears from our examination of thosebooks; (c) The balance sheet the statement of profit and loss and the cash flowstatement dealt with by this report are in agreement with the books of account; (d) In ouropinion the aforesaid Standalone financial statements comply with the accountingstandards specified under section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015 as amended; (e) On the basis of the writtenrepresentations received from the directors as on March 31 2022 taken on record by theboard of directors none of the directors is disqualified as on March 31 2022 from beingappointed as a director in terms of Section 164 (2) of the Act; (f) With respect to theadequacy of the internal financial controls over financial reporting of the Company andthe operating effectiveness of such controls refer to our separate report in“Annexure B”. Our report expresses an unmodified opinion on the adequacy andoperating effectiveness of the Company's internal financial controls over financialreporting; (g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us; a. TheCompany has not determined and disclosed the impact of pending litigations on itsfinancial position in its Standalone financial statements Refer to Para 7(b) of AnnexureA; b. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses; and c. The Company need not required totransfer any amount to the Investor Education and Protection Fund .

ANNEXURE ‘A' TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 2 under ‘Report on Other Legal and RegulatoryRequirements' section of our report to the Members of ANTARTICA Limited of even date) i.In respect of the Company's fixedassets:

(a) The Company has not maintained proper records showing full particularsincludingquantitative details and situation of fixedassets. (b) The Company has a programof verification to cover all the items of fixed assets in a phased manner over a period ofthree years which in our opinion is reasonable having regard to the size of the Companyand the nature of its assets. However no physical verification has been carried on by themanagement during the year. Accordingly we were unable to comment on whether any materialdiscrepancies were noticed on such verification and whether they are properly dealt within the Standalone financial statements.

(c ) The information and explanations given to us the records examined by us and basedon the examination in respect of immovable properties of land and building that have beentaken on lease and disclosed as fixed assets in the Standalone financial statements thelease agreements are in the name of the Company.

(d) The Company has not revalued any of its Property Plant and Equipment (includingright-of-use assets) and intangible assets during the year.

(e) No proceedings have been initiated during the year or are pending against theCompany as at March 31 2022 for holding any benami property under the Benami Transactions(Prohibition) Act 1988 and rules made thereunder.

ii. (a) The inventory has been physically verified by the management during the year.In our opinion the frequency of such verification is reasonable. According to theinformation and explanations given to us and as examined by us no material discrepancieswere noticed on such verification. It is advisable to maintained records in a manner asrequired under the standard accounting practices.

iii. According to information and explanation given to us The company has not grantedany loans secured or unsecured to companies firms or other parties covered in theregister maintained under section 189 of the Companies Act. Consequently requirement ofclauses iii a iii b and iii c of paragraph iii of the order are not applicable to theCompany.

iv. In our opinion and according to information and explanation given to us thecompany has not granted any loans or provided any guarantees or given any security or madeany investments to which the provision of section 185 and 186 of the Companies Act 2013.Accordingly paragraph 3 (iv) of the order is not applicable.

v. In our opinion and according to the information and explanations given to us thecompany has not accepted any deposits and accordingly paragraph 3 (v) of the order is notapplicable.

vi. The Central Government of India has not prescribed the maintenance of cost recordsunder sub-section (1) of section 148 of the Act for any of the activities of the companyand accordingly paragraph 3 (vi) of the order is not applicable

vii. According to the information and explanations given to us in respect ofstatutorydues:

(a) The Company is irregular indepositingundisputed statutory duesincluding ProvidentFund Employees' State Insurance Goods and Service Tax Customs Duty Cess and othermaterial statutory dues applicable to it with the appropriateauthorities. According to theinformation and explanations given to us undisputed amounts payable in respect ofProvident Fund Employees' State Insurance Goods and Service Tax Customs Duty Cess andother material statutory dues in arrears as at March 31 2022for a period of more than sixmonths from the date they became payable. (b) Details of dues of Income Tax Sales TaxService Tax Excise Duty and Value Added Tax which have not been deposited as at March 312022on account of disputesare givenbelow:

The Company could not produced any updation of above long standing cases pending at thevarious forums. viii. According to the information and explanations given to us notransactions were surrendered or disclosed as income during the year in the taxassessments under the Income Tax Act 1961 (43 of 1961) which have not been recorded inthe books of accounts.

ix. a) The Company has not defaulted in repayment of loans taken from the banks. TheCompany has not taken loans from financial institutions and Government except car loan.

b) The Company has not been declared willful defaulter by any bank or financialinstitution or government or any government authority.

c) The Company has not taken any term loan during the year and there are no outstandingterm loans at the beginning of the year and hence reporting under clause 3(ix)(c) of theOrder is not applicable.

d) On an overall examination of the financial statements of the Company funds raisedon short-term basis have prima facie not been used during the year for long-termpurposes by the Company.

e) On an overall examination of the financial statements of the Company the Companyhas not taken any funds from any entity or person on account of or to meet the obligationsof its subsidiary. f) According to the information and explanations given to us andprocedures performed by us we report that the company has not raised loans during theyear on the pledge of securities held in its subsidiary.

x. a) The Company has not raised moneys by way of initial public offer or furtherpublic offer (including debt instruments) during the year and hence reporting under clause3(x)(a) of the Order is not applicable. b) During the year the Company has not made anypreferential allotment or private placement of shares or convertible debentures (fully orpartly or optionally) and hence reporting under clause 3(x)(b) of the Order is notapplicable.

xi. a) No fraud by the Company and no material fraud on the Company has been noticed orreported during the year. b)No report under sub-section (12) of section 143 of theCompanies Act has been filed as prescribed under rule 13 of Companies (Audit and Auditors)Rules 2014 with the Central Government during the year and upto the date of this report.c) As represented to us by the management there are no whistle blower complaints receivedby the company during the year.

xii. The Company is not a NidhiCompany and hence reporting under clause 3 (xii) of theOrder is not applicable to the Company. xiii. In our opinion the Company is in compliancewith Section 177 and 188 of the Companies Act 2013 with respect to applicabletransactions with the related parties and the details of related party transactions havebeen disclosed in the financial statements as required by the applicable accountingstandards.

xiv. a) In our opinion the Company has not an adequate internal audit systemcommensurate with the size and the nature of its business. b) Company unable to producedus any such report .

xv. In our opinion during the year the Company has not entered into any non-cashtransactions with its Directors or persons connected with its directors and henceprovisions of section 192 of the Companies Act 2013 are not applicable to the Company.

xvi. According to the information and explanations given to us and based on ourexamination of the records of the company the company is not required to be registeredunder section 45-IA of the Reserve Bank of India Act 1934.

xvii. The Company has not incurred cash losses during the financial year covered by ouraudit and the immediately preceding financial year. xviii. There has been no resignationof the statutory auditors of the Company during the year.

xix. On the basis of the financial ratios ageing and expected dates of realisation offinancial assets and payment of financial liabilities other information accompanying thefinancial statements and our knowledge of the Board of Directors and Management plans andbased on our examination of the evidence supporting the assumptions nothing has come toour attention which causes us to believe that any material uncertainty exists as on thedate of the audit report indicating that Company is not capable of meeting its liabilitiesexisting at the date of balance sheet as and when they fall due within a period of oneyear from the balance sheet date. We however state that this is not an assurance as tothe future viability of the Company. We further state that our reporting is based on thefacts up to the date of the audit report and we neither give any guarantee nor anyassurance that all liabilities falling due within a period of one year from the balancesheet date will get discharged by the Company as and when they fall due. We furthermentioned here company has long pending sundry debtors balances carried overyear to yearand inappropriate system for external confirmation of sundry debtors. It is neccessary tosegregate long pending sundry debtors balances more than one year to Non Current Assets.

xx. a) There is no amount to be spent for other than ongoing projects towards CorporateSocial Responsibility (CSR).

Hence reporting under clause 3(xx)(a) of the Order is not applicable for the year.

b) The Company does not have ongoing projects relating to CSR. Hence reporting underclause 3(xx)(b) of the Order is not applicable.

Appendix I Annexure “B” to the Independent Auditor's Report

(Referred to in paragraph 2 (f) under ‘Report on other legal and regulatoryrequirements' section of our report to the Members of Antarctica Limited of even date)

Report on the internal financial controls over financial reporting under clause (i) ofsub section 3 of section 143 of the Companies Act 2013 (“the Act”) We haveaudited the internal financial controls over financial reporting of Antarctica Limited(“the Company”) as at March 31 2022 in conjunction with our audit of theStandalone financial statements of the Company for the year ended on that date.

Management's responsibility for internal financial controls

The board of directors of the Company is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditors' responsibility

Our responsibility is to express an opinion on the internal financial controls overfinancial reporting of the Company based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the “Guidance Note”) issued by the Institute of Chartered Accountantsof India and the standards on auditing prescribed under Section 143 (10) of the CompaniesAct 2013 to the extent applicable to an audit of internal financial controls. Thosestandards and the guidance note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting were established and maintained and if suchcontrols operated effectively in all material respects. Our audit involves performingprocedures to obtain audit evidence about the adequacy of the internal financial controlssystem over financial reporting and their operating effectiveness. Our audit of internalfinancial controls over financial reporting included obtaining an understanding ofinternal financial controls over financial reporting assessing the risk that a materialweakness exists and testing and evaluating the design and operating effectiveness ofinternal control based on the assessed risk. The procedures selected depend on theauditor's judgement including the assessment of the risks of material misstatement in theStandalone financial statements whether due to fraud or error. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion on the Company's internal financial control system over financial reporting.

Meaning of internal financial controls over financial reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of Standalone financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (i) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (ii) provide reasonableassurance that transactions are recorded as necessary to permit preparation of Standalonefinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorisations of management and directors of the company; and (iii) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company's assets that could have a material effect on the Standalonefinancial statements.

Limitations of internal financial controls over financial reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management of override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion and according to the information and explanations given to us theCompany has in all material respects an adequate internal financial control system overfinancial reporting and such internal financial controls over financial reporting wereoperating effectively as at March 31 2022 based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India.